- Associated Press - Thursday, April 4, 2019

RALEIGH, N.C. (AP) - There’s a move afoot among North Carolina Republican legislators to cut more taxes by reducing a key corporate rate and making exempt more personal income.

Co-chairmen of the Senate Finance Committee filed this week a measure to increase standard deductions for individual tax filers of all types in 2021 by an additional $375 to $750. And the franchise tax rate for corporations would drop over time from $1.50 per $1,000 of the company’s tax base to $1 per $1,000.

Sen. Jerry Tillman and Ralph Hise tell WRAL-TV the measure represents an agreement with House Finance Committee counterparts.

Any final legislation - tax changes usually are incorporated into the budget - would be subject to Democratic Gov. Roy Cooper’s veto. Cooper has been critical of recent corporate tax cuts by Republicans.

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