Public Policy Update: Tax Modernization x 3

One of the top priorities of the Chamber for the legislative long session is tax modernization. The House and Senate both set out to tackle this daunting tax with the filing of three separate pieces of legislation. House Bill 998, Senate Bill 677, and Senate Bill 394 made their respective committee appearances on Thursday and are expected to be discussed in greater detail next week.

While all three plans deal with tax modernization, they all set about to reform North Carolina’s tax codes in different ways and to different degrees. The House plan sponsored by Rep. Lewis is the most cautious in its changes while Senator Rucho’s SB677 is the most comprehensive in its reform efforts. The final bill for consideration is Senator Clodfelter’s SB394, which has bipartisan support and is regarded as the middle ground of the three introduced bills.

I have outlined some of the key provisions of the legislation below. All of the bills are expected to be debated and discussed in committee next week. The Governor has already made it clear that he is more in favor of the moderate attempts at tax reform (HB998 and SB394). The Chamber will keep you up-to-date as discussion occurs next week. Please keep us informed of any concerns or comments you may have.

HB 998 (Lewis)

Sales Tax: The sales tax would drop from 6.75% to 6.65% in 2014.

Personal Income Tax: The income tax would fall to a flat 5.9%.

Corporate Income Tax: The corporate tax would fall from 6.9% to 5.4% over a five year span.

Estate Tax: The estate tax would be repealed.

SB 677 (Rucho)

Sales Tax: The sales tax would fall from 6.75% to 6.5% in 2015. This bill also would include the greatest increase in the taxation of services with 130 new services being taxed.

Personal Income Tax: Statewide the personal income tax would be 5.5% in 2014 and would continue to drop to 4.5% by 2016.

Corporate Income Tax: The corporate income tax would drop from 6.9% to 6% over the next three years.

Estate Tax: The estate tax would be repealed.

SB 394 (Clodfelter)

Sales Tax: The sales tax would drop from 6.75% to 6.5% starting in September of 2014.

Personal Income Tax: The personal income tax would have a flat rate of 5.9%.

Corporate Income Tax: The corporate income tax would drop from 6.9% to 5.95%.

Estate Tax: Shows no change to the estate tax. 

Seats available for RiverLink's Friday Salon - May 31

RiverLink is pleased to present the fourth in a stimulating five-part seminar series by Dr. Frank Kalinowski from 3 to 5 p.m. on Friday, May 31.  This seminar, taking place at the RiverLink offices is titled "Two Dreams and a Nightmare: The Environmental Legacies of Thomas Jefferson, Alexander Hamilton and James Madison."  

The purpose of these interactive lectures is to explore a deeper understanding of environmental issues and to attempt the placement of these issues in a larger social, political and historic context. 

Dr. Frank Kalinowski

Dr. Kalinowski is a retired and popular professor from Warren Wilson College and the author of numerous articles and treatises that are thought provoking and informative about the complex world in which we live today. 

The date for the final Salon Series is June 28. The topic of this last talk will be:

• June 28, "Our Evolving Constitution: The Legacies of the Past and a glimpse into the Future."

This series is free and open to the public but reservations are a must and are first come first serve.  Standing reservations are welcome. Email jess@riverlink.org to reserve a spot.  

The RiverLink office, the site for this series, is at 170 Lyman Street in the River Arts District of Asheville. 

Tax attorney Ryan W. Coffield joins The Van Winkle Law Firm

The Van Winkle Law Firm announces the arrival of attorney Ryan W. Coffield to its Asheville office. He will join the firm’s business practice group. His practice focuses on business and non-profit tax matters, including transactions, reorganizations, and controversies. 

Coffield received his law degree and Master of Laws in Taxation (LL.M.) from Washington University in St. Louis, Missouri. Prior to joining The Van Winkle Law Firm, Coffield practiced in the Triangle. He is a native of North Carolina and was raised in the Charlotte area.

For more information, visit www.vwlawfirm.com.

"Spoon River Anthology" presented by The Autumn Players

Spoon River Anthology, a drama adapted for the stage by Charles Aidman (1925-1993) from poetry by Edgar Lee Masters (1868-1950), is scheduled for three matinee performances by The Autumn Players of Asheville Community Theatre (ACT):  Friday and Saturday, June 14 and 15,  in 35below at ACT; Sunday, June 16, at UNC Asheville's Reuter Center. Under the direction of RoseLynn Katz and in partnership with the Osher Lifelong Learning Institute, this is the fourth of five productions of the 2012-13 season of Readers Theatre Showcase. Curtain is at 2:30 pm. Tickets are $5 cash at the door.

Spoon River Anthology opened at Booth Theatre on Broadway on September 29, 1963. It features a medley of characters from a small town in Illinois who tell their life stories after their lives are over.  Some tales are bold and colorful. Some are full of everyday frustrations. And, more than a few reveal long-kept secrets. It's classic 19th century Americana with folk singing and instrumental music.

Director RoseLynn Katz is also a playwright, actor, author, and storyteller. She wrote and stars as Dorothy Parker in The Devil Touched My Tongue and is preparing to produce her new play, A Peddler Knocked, in October.  Author of romance novels and a cookbook, she appeared in Shangri-la at The Magnetic Field and often appears with The Autumn Players where she is a member of the Steering Committee. Originally from Detroit, Ms. Katz was a children's librarian in Westchester NY prior to moving to Asheville in 2005 with her husband Gene. 

The Autumn Players is ACT's volunteer outreach company consisting of over 100 seasoned actors, directors, writers and event organizers dedicated to taking theater into the community.  Since 1992, the company has provided entertainment, enrichment, and education for thousands of students, seniors, and in-betweens at venues within an hour or more from Asheville.

For more information or for a full schedule of the Readers Theatre Showcase series, please visit www.ashevilletheatre.org.