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Under Georgia’s new reform, the state income tax rate draw down will be contingent upon certain revenue triggers being hit. Most recently, Governor Brian Kemp (R-Ga.) signed legislation into law at the end of April that will reduce and flatten Georgia’s personal income tax rate, taking it from a top rate of 5.75% down to a flat 4.99% by 2026. Imitation is the highest form of flattery and many states have been flattering North Carolina.
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The number of states where lawmakers have passed or introduced similar tax reform has increased over the past year.
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North Carolina’s latest round of income tax rate reduction is the result of a bipartisan budget deal enacted last year that, in addition to the personal income tax relief, will entirely phase out North Carolina’s corporate income tax over the next decade, making North Carolina only the third state with no corporate income tax or business gross receipts tax.
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