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Study touts NC business tax climate
Thursday, 04 August 2011 10:50

(RALEIGH) -- A recent study suggests that taxes on North Carolina companies are among the lowest in the nation.

The report, which was released by the Council on State Taxation (COST), puts North Carolina in three-way tie with Delaware and Maryland for the second lowest tax burden in the country. Business taxes accounted for 3.7 percent of the gross state product during the 2010-2011 fiscal year.
 
“North Carolina had relatively low property tax compared to states overall and the property tax is the biggest tax that’s imposed on business,” said Joe Crosby, chief operating officer at COST. “North Carolina is - just structurally - always going to compare favorably with other states.”
 
It’s important to note that the study didn’t factor the recent decrease in the sales tax. State lawmakers opted to let a temporary one-cent sales tax expire on June 30. Crosby said that change could also lower the business tax burden.
 
“The sales tax reduction is more interesting than I think most people would recognize in that, depending on the state, somewhere between 35-50 percent of sales taxes are actually paid for business on things that they purchase for use for themselves,” Crosby added.

 
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