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North Carolina lowers corporate income tax rate, now the lowest top corporate rate in the United States

On July 28, 2015, North Carolina Gov. Pat McCrory announced the state had met the necessary revenue target for the fiscal year ended June 30, 2015, to lower the corporate income tax rate from 5% to 4% effective for tax years beginning on or after Jan. 1, 2016. The rate reduction tied to the revenue goal was part of legislation passed in the 2013 legislative session. In May 2015, North Carolina announced a significant forecasted surplus for the fiscal year after April collections, making this announcement somewhat anticlimactic.

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