6/22/04-The Senate Finance Committee agreed to an income tax break June 15 that could benefit more than 24,000 mostly small corporations in the state.
The proposal, which was endorsed by Gov. Mike Easley, would exempt the first $25,000 of net income from the 6.9 percent corporate income tax for companies that make up to $100,000. Companies that make between $100,000 and $200,000 could exempt the first $15,000 of net income. Those making more than $200,000 wouldn’t get any exemption.
The package will be in the Senate’s budget bill, which is still being worked on.

5/14/04-Gov. Mike Easley has proposed a cut in corporate taxes as part of an economic stimulus package.
Easley said May 4 he would ask lawmakers to exempt the first $20,000 in business income from state taxes. The governor says the initiative will relieve nearly half of the state’s small businesses from paying corporate taxes.
He also estimates his proposal would lower by at least 1 percent the tax rate for 80 percent of businesses in the state. North Carolina’s corporate tax rate is 6.9 percent.