North Carolina Before and After the 2013 Tax Reforms

November 5, 2015

North Carolina Before and After the 2013 Tax Reforms
New study compares NC to its competitors, highlights the impact tax reform had on the state

Washington, DC (Nov 5, 2015)—In 2013, North Carolina lawmakers adopted legislation that fundamentally restructured the state’s tax code. The package included tax cuts for individuals and businesses, a simplified and more neutral tax system, and a stabilized revenue stream that better reflects North Carolina’s modern economy. How can taxpayers contextualize the dramatic changes that took place and what the overall impact has been? Has North Carolina truly become a more competitive state as a result of the reforms?

Today, the nonpartisan Tax Foundation released North Carolina Illustrated: A Visual Guide to Tax Reform. This interactive report examines North Carolina’s tax system before and after the 2013 tax reforms, and illustrates how the reforms have repositioned North Carolina’s standing amongst competitor states.

“North Carolina’s efforts in 2013 resulted in one of the most meaningful state tax reforms in the last twenty years,” said Tax Foundation Economist and Director of State Projects Scott Drenkard. “Our new report accomplishes the difficult task of reviewing exactly what happened and what the impact has been, which hopefully provides state policymakers and taxpayers with the knowledge needed to continue improving their fiscal system.”

The report is filled with nearly 40 different charts, graphs, and maps, each with its own important story. Together, the data and analysis combines to provide a holistic view of the state’s tax reform efforts and answers questions such as:

  • How has North Carolina’s economy changed over time since the 1970s?
  • How does North Carolina’s new tax code impact real people?
  • Have the reforms actually improved the state’s competitiveness against other states?
  • What next steps can North Carolina take to continue improving its tax code?

“Each piece of North Carolina’s new tax code tells a story, and we know how important it is to put that story into a larger context,” added Economist Liz Malm. “We hope that this book will help put these pieces together to provide an in-depth picture of the new, improved North Carolina.”

Read the full report: North Carolina Illustrated: A Visual Guide to Tax Reform

Media Contact:
Richard Borean
Manager of Communications
Tax Foundation
202-464-5120
borean@taxfoundation.org

The Tax Foundation is the nation’s leading independent tax policy research organization. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and local levels.

The North Carolina Chamber Foundation works to promote the social welfare of North Carolina and its citizens by identifying, studying, researching and analyzing, in a nonpartisan manner, the factors that enhance the business climate, workforce development and quality of life of the state. This includes prospects for the creation and retention of jobs, and educating the business community and general public by disseminating the knowledge gained as a result.

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The Tax Foundation is the nation’s leading independent tax policy research organization. Since 1937, our principled research, insightful analysis, and engaged experts have informed smarter tax policy at the federal, state, and local levels.