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N.C. Senate approves tax cut for unnamed big company

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Monday, May 11, 2009

(Updated 8:02 pm)

By
Associated Press

RALEIGH (AP) — North Carolina lawmakers have approved changing how the state's corporate income tax is calculated for big companies, hoping the revision will attract a business considering a $1 billion investment.

The state Senate voted 36-10 on Monday to approve changing tax laws in ways that affect only a handful of multi-state companies. There was no discussion of the unidentified investor, which senators said was likely a high-tech company. The measure next heads to the state House.

North Carolina calculates corporate taxes for companies that operate in many U.S. locations by considering how much of its property, payroll, and sales are in the state. The change would help companies that invest heavily in land and equipment, but have relatively fewer sales.

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atticusfinch

May 12, 2009 - 10:09 am EDT

More tax breaks for giant multinational corporations while the State can't even pay its bills and is requiring State employees to take a pay cut and furloughs? What is wrong with this picture? It really is time for the citizens of this State to throw both parties out of Raleigh.