Articles in regional publications that pertain to a wide range of North Carolina-related topics.
for "Taxation--Exemption from"
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Heralded as the most sweeping change in the nation’s tax laws in two decades, new tax-reform legislation will drastically curtail the ability of state and local governments to finance their activities through the traditional means of selling securities whose interest income is exempt from federal income taxes. Activity in the North Carolina market has not been consistent with national market activity. Tax-exempt municipal bonds remain an extremely attractive investment for individuals in North Carolina.
By state law some properties are exempt from property taxes, creating a budget problem for local governments that provide these properties services. One approach to solving the dilemma is charging a user fee to all who receive a service.
A new method of collecting taxes in North Carolina goes into affect in July: the pay-as-you-go witholding tax. Instead of waiting until the end of the year to pay a lump sum to the federal government, the new method in an installment plan over time, based on earnings for the current year.
The scope of the Tax Reform Act of 1986 is remarkably broad, affecting practically every taxpayer, and many will face new tax-planning decisions. This article summarizes some of the more significant changes in tax law affecting individuals and businesses in North Carolina. Some of these changes pertain to tax rates, tax credits, personal exemptions, income, and itemized deductions.