State Tax Cuts Indicate Emphasis on Economic Growth

American Legislator ^ | 6-16-14 | Ben Wilterdink

[ThethoughtsofGreg]

The 2013 legislative session saw a strong trend of states cutting various taxes, as 18 states passed net tax cuts into law. When one-third of the country cuts taxes, it is clear economic growth is a top priority for states digging out of a dismal economy. The cuts range from a nearly complete overhaul of a state’s tax code to a few small changes. North Carolina enacted the year’s biggest tax cut as part of a comprehensive reform package. The measures will be phased in over a period of several years, with taxes cut by $500 million during the first two years, and the measure will continue to cut more than $650 million per year by the 2017-2018 fiscal year. Without question,

North Carolina’s reforms are among the most significant tax relief any state has passed in the last decade.