Raleigh, N.C. – Last week the nonpartisan Tax Foundation ranked North Carolina’s tax climate the 11th best for business in 2018. North Carolina recently climbed the rankings from 41st – passing 30 states in 3 years – after tax relief passed by the state’s Republican-led legislature.
The annual State Business Tax Climate Index compares each state’s overall economic competitiveness based on five categories of tax rates and structures.
Since 2011 the state General Assembly has reduced the sales tax, income tax and corporate tax rate imposed on North Carolina families and businesses.
North Carolina Republicans also tripled the zero-tax bracket for families paying personal income taxes, ensuring an estimated 1.5 million low-income workers will owe no state income tax by 2019.
Further tax relief passed by the 2017 North Carolina General Assembly was not included in the latest Tax Foundation rankings but “will be reflected in the next edition of the Index.”
“North Carolina’s surge in economic competitiveness means more jobs, higher wages and better opportunities for families and businesses who call our state home,” said House Speaker Tim Moore.
“Our commitment to North Carolina’s tax transformation provides relief for working people, helps employers grow, and attracts increased investment in our state’s economy.”
Economic Success for North Carolina in 2017
North Carolina wins 2017 Prosperity Cup by Site Selection Magazine
North Carolina top-5 for wage growth, says U.S. Census Bureau
North Carolina No. 5 for business climate, corporate execs say
North Carolina is best state for business startups in study
North Carolina 5th best state for business in 2017 CNBC rankings
North Carolina ranked #1 for tech job growth in N.C.T.A. study
North Carolina 5th best balanced budget in Mercatus Center study
North Carolina 1 of 12 states with unanimous ‘AAA’ bond rating
North Carolina has two cities in top-five for tech job growth
North Carolina 1 of 16 prepared for economic emergency: Moody’s
North Carolina passes 30 states in 3 years of Tax Foundation rankings
North Carolina had no layoffs in September for first time in 7 years
North Carolina unemployment lowest in 17 years