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NC Tax Overhaul Could Receive Small Adjustments

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File photo of cash.. (Credit: Thinkstock)

File photo of cash.. (Credit: Thinkstock)

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RALEIGH, N.C. (AP) — North Carolina’s latest tax changes became law this past summer and legislators already want small adjustments.

The General Assembly’s tax policy oversight committee on Tuesday reviewed a proposal to amend the tax overhaul law, which reduced income tax rates, repealed the estate tax and tweaked when to levy the sales tax.

The proposal would change when the sales tax on admissions to live events is collected. Gone would be exemptions for agricultural fairs, youth sporting events and state attractions, but those for K-12 schools and some nonprofits would remain. The proposal also makes clear how the sales tax is collected on prepaid meal plans students get at colleges and universities.

The committee is expected to vote next month on recommending the changes to the full Legislature, which reconvenes in May.

(© Copyright 2013 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten or redistributed.)

 

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