Governor Roy Cooper of the U.S. State of North Carolina has announced the signing of the 2021 Appropriations Act into law on 18 November 2021, including measures to phase out the state's corporate income tax. The tax is imposed on C Corporations at the rate of 2.5% and will be phased out as follows for taxable years beginning:
- in 2025 - 2.25%
- in 2026 - 2.0%
- in 2028 - 1.0%
- after 2029 - 0.0%.
The act also includes various other tax measures, including measures to simplify the state's fra…