NC House and Senate leaders propose competing tax cut plans. Here’s how they’d affect your taxes

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The Senate has devised a tax plan that would cut the corporate-tax rate to 20% starting in 2019-one year later than proposed by the House and later than the Trump administration had hoped.

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By Gary D. Robertson Associated Press RALEIGH – North Carolina House Republicans on Tuesday unveiled a tax plan for the next two years that’s more modest than the Senate’s proposal from.

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NC Legislative Update – March 2017 #4.. NC House and Senate leaders propose competing tax cut plans – Here’s how they’d affect your taxes – N&O.

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NC House and Senate leaders propose competing tax cut plans. Here’s how they’d affect your taxes About an hour before the House Ways and Means Committee approved a sweeping tax overhaul thursday, the senate finance committee unveiled its own plan. Here are some of the differences between the. But, it’s always different!

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Today at 4:00 pm EST, North Carolina lawmakers announced that an agreement had finally been reached in the state tax debate-a process that’s been going on for months. governor pat mccrory, Senate President Pro Tempore Phil Berger, and House Speaker Thom Tillis all spoke at a press conference outlining early details of the plan.

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The House bill would eliminate this deduction while the Senate plan would retain it. Estate tax. The House bill would essentially double the gift, estate and generation-skipping transfer (GST) tax exemptions to $10 million (adjusted for inflation) and eliminate the estate and GST taxes entirely after 2023.