Payroll Daily News – 11/14/18

North Carolina voters approve new rate limit

North Carolina voters approved a ballot measure that reduces the corporate and personal income tax rate limit set in the state constitution. The constitutional amendment reduces the income tax rate limit from 10% to 7%. It does not reduce the current tax rates of:

  • 3% for corporate income taxpayers; and
  • 5.499% for individual income taxpayers.

The new rate limit takes effect for tax years beginning on or after January 1, 2019. (Constitutional Amendment 3, North Carolina State Board of Elections & Enforcement, November 6, 2018.)

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