NC tax overhaul takes effect in 2014 - FOX Carolina 21

NC tax overhaul takes effect in 2014

Posted: Updated:
RALEIGH, NC (AP) -

North Carolina state leaders say major tax changes taking effect in 2014 will simplify returns, create jobs and keep more money in people's wallets. Critics say the new rules will diminish funds for schools and widen the gap between haves and have-nots.

Gov. Pat McCrory and the Republican state leaders who pushed through the changes this past summer are touting individual and corporate income tax rates that will fall in the new year.

On the other hand, some valuable tax deductions will disappear or get capped. They include breaks granted to small businesses, for some mortgage interest payments and for college savings plans.

Copyright 2013 The Associated Press. All rights reserved

Powered by WorldNow
Fox Carolina
Powered by WorldNow CNN
All content © 2014, WHNS; Greenville, SC. (A Meredith Corporation Station) and WorldNow. All Rights Reserved.
For more information on this site, please read our Privacy Policy and Terms of Service.