Record #:

30261

Author(s):

Eldon, J.

Abstract:

For North Carolina, income tax is the largest source of revenue for the General Fund. The tax is graduated with a maximum of seven percent on incomes above $10,000, while the corporate tax is six percent on net income. There have been changes recently to this allocation formula, which now determines the franchise and income taxes paid by foreign corporations.

Source:

We the People of North Carolina (NoCar F 251 W4), Vol. 11 Issue 6, November 1953, p20, 124

Subject(s):

Taxation--Laws and legislation