Raleigh, NC- Governor Pat McCrory released the following statement upon signing House Bill 1050:
"Today I signed the Omnibus Tax Law Changes bill which builds on the commitment we’ve made to implement an equitable and streamlined tax policy. The provisions in this bill will continue to spur economic growth and development in our state and position North Carolina to lead the nation in job creation.
"There’s no debate that the privilege tax has been applied inconsistently, creating confusion and expense for our businesses. Therefore, I support needed reform.
"Legitimate concerns have been expressed by the North Carolina Metropolitan Mayors Coalition, North Carolina League of Municipalities and other stakeholders about the provision which sunsets this tax next year. It should be noted that if this bill wasn’t signed into law, it could result in the immediate elimination of the local privilege tax option.
"In listening to the concerns from mayors across the state, I initiated conversations with Finance chairs Rep. Julia Howard and Sen. Bill Rabon. I asked for and received from each of them a commitment that they will work with local governments during the next year to find a resolution that reforms the local tax option and addresses lost revenue, prior to the sunset date. I have also conveyed that commitment to Raleigh Mayor Nancy McFarlane, chair of the North Carolina Metropolitan Mayors Coalition. With their assurances, I look forward to working with municipalities and the General Assembly to seek long-term resolution."
The governor also signed HB 688 and SB 294.