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North Carolina Lawmakers Try To Boost Job Creation
Written by Jenna Weiner
The state Senate in North Carolina has approved tax breaks for small businesses to help them create and maintain jobs.
Legislators in North Carolina are offering encouraging news for entrepreneurs in the form of tax breaks and other efforts to stimulate hiring, Bloomberg reports.
The package approved by a state House committee last week would allow businesses with 25 or fewer full-time employees to take a $1,000 tax credit for every job they created and kept in place for three years. Business would also be able to get a tax break of $250 to help pay for the health benefits of every employee earning less than $40,000 per year.
Citing estimates from legislative fiscal analysts, Bloomberg says the package could cost North Carolina about $80 million over three years. After that point, the job creation tax credits would expire.
"We need to do everything we can to create jobs," Representative Bill Owens was quoted as saying. "We can't do enough this year to create jobs."
On the same day the tax breaks were approved, the state Senate also approved a proposed annual budget of $19 billion. However, that budget isn't set. The Associated Press reports that House members called a public hearing to help them determine which measures to leave in and which to cut.
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