- This grant program provides $ 1 billion federal funding from the American Rescue Plan Act of 2021 to provide grants to NC businesses that have received a COVID-related loan from the state or the federal government. The maximum grant amount is $ 18,750 and is determined by multiplying the lower grant amount or $ 250,000 of the grant by 7.5 percent.
Tax policy initiatives
- This initiative lowers personal and corporate income taxes, simplifies franchise tax, extends mill refurbishment tax credits by two years, changes gross premium tax and cigar tax, imposes a sales tax on peer-to-peer vehicle rentals, changes how the penalty is calculated for late tax payments and exempts vaccines and cemetery property from the local property tax base.
IRC update and related changes
- This will update the IRC reference date from May 1st, 2020 to April 1st, 2021. The change will permanently lower the threshold for deducting medical expenses from 10 percent of the AGI to 7.5 percent. This part establishes a SALT cap choice for transit companies and provides a separate net operating loss calculation for individual taxpayers.
Recommendations of the Study Committee for Tax Law
- This makes technical, clarifying, and administrative changes to tax law as proposed by the Department of Revenue and recommended by the Revenue Laws Study Committee.
HB 334 passed the Trade and Insurance Committee, passed the Budget / Basic Budget Committee, and is currently on the Senate’s Rules of Procedure and Operations Committee. Learn more website
This press release was prepared by the Raleigh Chamber. The views expressed here are the author’s own.