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North Carolina Tax Increases and Cuts Enacted in 2003
These are the tax increases and cuts enacted by the NC General Assembly
6/30/2003 as part of the 2003 Budget Act:
+ is a tax increase
- is a tax decrease
all amounts in millions of dollars
FY 2003-04 FY 2004-05 FY 2005-06
-29.2 -18.0 ? \
-40.8 +18.0 ? }update IRS code ref, adjust bonus depreciation & estate tax
0 +70.8 ? /
+341.7 +388.2 +26.5 extend sales tax increase, for 2 more years
+37.5 +97.7 +57.3 extend increased upper income tax rate, for 2 more years
+16.8 +17.0 +17? reduce eligibility age limit to 16 for child tax credit (permanent)
+18.6 +13.9 ? raise insurance premiums tax rate on Article 65 corporations from 1.0% to 1.9%
+41.4 +45.1 +45? soft drinks tax (permanent)
-4.05 -8.6 -8? 50% vending machine exemption
+3.05 +3.3 +3? tax on prepared food
-0.4 -0.8 -0.8? candy exemption
+1.74 +1.9 +1.9? tobacco tax increase
+3.67 +4.0 +4? wine, beer & liquor tax increases
+390.01 +632.5 net
All figures are from the General Assembly's legislative research staff:
http://www.mooregop.org/legislative_research_finance.rtf
390.01 + 632.5 = 1022.51 million
(just over $1.02 billion net tax increase over two years, consisting
of $0.1015 billion in tax cuts, and $1.12436 billion in tax increases)
Comparison of Net Tax Increase to Senate Republican and Democrat Proposals
I don't have the detailed breakdown for the tax law changes proposed
in the Senate Republican and Democrat Budgets, but the totals are
available in a press release from Senate Minority Leader (and
gubernatorial candidate) Patrick Ballantine, here:
http://ballantineforgovernor.com/cgi-data/news/files/4.shtml
Democ= Senate Democrat budget (passed by the Senate 4/30/2003, with every Republican opposed)
Repub= Senate Republican alternative budget (defeated in Senate)
Final= Final budget, passed by the legislature and signed by Gov. Easley
this year next year 2 year sum
FY 2003-04 FY 2004-05 biennium
Democ: +499.3 +639.6 +1138.9 = $1.14 Billion net tax increase, over 2 years
Repub: ~0 ~0 ~0 = no net tax increase
Final: +390.0 +632.5 +1022.5 = $1.02 Billion net tax increase, over 2 years
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