MEDIA RELEASE: Policymakers can help Hurricane Matthew victims by halting corporate income tax cut

RALEIGH (Dec. 12, 2016) — During the special legislative session that begins tomorrow, state lawmakers need to commit to help communities affected by Hurricane Matthew rebuild and regain stability by stopping another corporate income tax cut that goes into effect on Jan. 1, according to a brief written by Budget & Tax Center Policy Analyst Cedric Johnson.

“North Carolina’s corporate tax rate is already the lowest of neighboring states and among the lowest in the nation,” Johnson said. “Keeping the corporate tax rate at 4 percent would maintain North Carolina’s position of having the lowest corporate income tax rate amongst neighboring states while still ensuring that revenue is available to help make our state whole.”

This brief:

• Looks at the lessons of Hurricane Floyd’s federal assistance and the need for more funding to rebuild
• Discusses why using the Rainy Day Fund for rebuilding after Hurricane Matthew should not be the only source nor does it reflect the long-term need for public investments such as schools, health services and public safety.
• Lists what North Carolina can do to help those affected by Matthew with the $349 million that would be available if the additional corporate income tax rate cut is halted.

Download the full brief here.

Read the NC Justice Center’s statement on the need to help those most affected by Hurricane Matthew.

FOR MORE INFORMATION, contact Cedric Johnson, Budget & Tax Center Policy Analyst, at 919-856-3192 or cedric@ncjustice.org; or Mel Umbarger, Senior Communications Specialist, at mel@ncjustice.org.