Industry pushes a tax break on power
Wednesday, May 30th, 2007
By Chris Fitzsimon
The state’s biggest business lobby says a bill to reduce manufacturing expenses would help employers
Jonathan B. Cox, Staff Writer GREENSBORO - North Carolina manufacturers are pressing the legislature to exempt them from paying taxes on energy as they try to lower costs and compete globally.
If they’re successful, the state could forgo about $50 million in annual revenue. But the manufacturing sector could gain strength, said John McAlister, vice president for government affairs at the North Carolina Chamber, the state’s biggest business lobby, which is pushing the change.
A provision in the budget bill approved by the House this month would phase out sales and excise taxes on energy that manufacturers buy to run their plants. The Senate budget proposal released Tuesday did not appear to have similar language.
The tax exemption, though, still could pass. The Senate plan has a $30 million place-holder for pending tax adjustments, and the manufacturing language could be included there. Or it could be added as a final budget bill is hashed out between the two chambers.
"It’s something that’s been on the radar screen of the legislature" for some time, McAlister said Tuesday on the sidelines of a manufacturing summit that the North Carolina Chamber held in Greensboro. "We are pleased that we have a good shot of getting that done." (more…)
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