The Voice of
Business, Industry & the Professions Since 1942 North Carolina's
largest business group proudly serves as the state chamber of commerce
Sales
Tax Discount
Position: The sales tax
discount to sales tax collectors and remitters should be reinstated in
an amount that is fair and equitable within the revenue available.
Explanation: Prior to
changes enacted in 1987, retail merchants were allowed to retain a
small portion of the sales tax they collected to defray the costs they
incurred in helping the State administer the sales tax. This discount
was repealed in 1987 when the inventory tax was repealed but most
merchants did not gain any net benefit because at the same time the
maximum corporate income tax rate was increased by 1%. The corporate
income tax rate was increased again in 1991 then decreased in 1996,
1997 and 1998.However,
it has not been reduced to below the 1991 level.
If you have comments on any of the NCCBI positions
or other issues,
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