RALEIGH, N.C. (AP) — Republicans at the North Carolina General Assembly are working on a tax code overhaul they want passed before they adjourn this year. But that's not stopping House GOP members from trying now to eliminate portions of the tax law they find onerous.
The House Finance Committee is scheduled Wednesday to consider a bill to repeal the state's estate tax. Republicans have called the levy a "death tax" that can harm small business owners.
State law exempts the first $5.25 million of the estate of someone who dies, just like the federal estate tax. Repealing the state's tax would cost $52 million during the next fiscal year.
Senate leader Phil Berger told the North Carolina Chamber on Tuesday his idea of fair tax reform also would include repealing the estate tax.