NORTH CAROLINA’S TAXES
HAVE GONE DOWN. ITS TAX CODE HAS GROWN UP.
Once home to the highest corporate income tax rate in the Southeast, North Carolina’s rate is now the lowest in the country among states that collect corporate income taxes.
According to a study conducted by KPMG LLP and Tax Foundation, that’s very good for business. The study documents how a decade’s worth of sweeping tax reforms have created an extremely competitive business environment.
THE STATE’S CURRENT 2.5% RATE WILL REDUCE TO 0% BY 2030.
THE BUSINESS ADVANTAGES OF NORTH CAROLINA
:
Competitive Corporate Tax Rate
Low Commercial Property Taxes
Modest Cost of Doing Business
Low Regulatory Burdens
Neutral Tax Codes Across All Industries
Ranked as CNBC’s Top State for Business
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North Carolina abandoned a corporate tax base heavily carved out for select industries, to one notable for its neutrality. The KPMG LLP and Tax Foundation study shows that the state can now claim the nation’s third most effective tax rates for newly established firms and the fifth best rates for mature firms.
North Carolina has positioned itself as an attractive location for all industries thanks to the state’s modest costs of doing business, low regulatory burdens and highly competitive tax code.
REFORMS PAY OFF: STATE RANKS TOP FOR BUSINESS
CNBC has named North Carolina as America’s Top State for Business in 2022. The CNBC study looks at 88 metrics in ten categories of competitiveness. North Carolina ranked particularly high in the Economy, Access to Capital and Technology and Innovation categories. The state has placed in the top 5 three times since 2017.
SWEEPING TAX REFORMS HAVE DONE WONDERS FOR NORTH CAROLINA BUSINESSES.
At just 2.5% and falling, North Carolina’s corporate tax rate helps businesses across industries expand, invest, compete, attract talent and create jobs.
Read the KPMG and Tax Foundation study.
