The Daily Southerner, Tarboro, NC

Local News

May 21, 2010

Jenkins supports tax cuts for small business

For The Daily Southerner

RALEIGH — The North Carolina Senate gave approval today to a balanced budget that provides a tax cut to almost 300,000 small businesses, while at the same time protects classroom teachers and funds critical job creation initiatives – all while remaining fiscally responsible.

Sen. Clark Jenkins, D-Edgecombe, strongly supported this budget, which passed with bipartisan backing.

The budget cut $800 million in state spending, while still funding Jenkins’s top priorities: creating jobs and helping small businesses, protecting public education from kindergarten through community colleges and universities, caring for the most vulnerable in society, keeping our citizens safe, and keeping the state competitive for the future.

“This global economic crisis has affected us all and we have been faced with difficult choices to balance the budget,” Jenkins said. “However, small businesses are the backbone of our economy and I am pleased that we are giving them tax relief and access to loans to help them stay open, retain employees, and hopefully hire new ones.

“I also recognize that even in the toughest of times, we have a responsibility to invest in North Carolina’s future,” Jenkins continued, “I believe public education is key and we must do everything we can to protect teaching jobs.  This budget does that and forces local school districts to cut central office administration first and avoid cuts to the classroom. We are also fully funding the staggering enrollment growth at our community colleges, which are so essential for job-training and re-training, and enrollment growth at our public universities.”

“People want to know that their money is being spent wisely and we’ve cut waste and worked to make government more efficient. In a year of tight finances, this budget is a sound blueprint for keeping North Carolina strong and well-prepared for the economic recovery," he concluded.

The Senate budget lowers the tax rate for small businesses that earn up to $850,000 per year from 7.75 percent to 6.9 percent, bringing it in line with the rate big corporations pay.  It will cut income taxes for 275,000 to 300,000 small businesses in North Carolina that pay their taxes via the personal income tax and provide relief for roughly half of all small businesses, according to the General Assembly’s Finance Committee, which Jenkins co-chairs.

These adjustments to the Fiscal Year 2010-11 budget will now be considered by the House of Representatives and then must be reconciled with the Senate before being signed into law by the governor.

 

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