The North Carolina Department of Revenue’s Income Tax Division recently published a notice dated August 4, 2016, which can be found here on the NCDOR website.
Important Notice: The Secretary of Revenue confirms that net General Fund tax collections for fiscal year 2015-2016 exceeded the targeted amount of $20,975,000,000. The corporate tax rate for years beginning on or after January 1, 2017 will be reduced by 1%.
The purpose of this notice is to notify corporate taxpayers that the targeted amount of twenty billion nine hundred seventy-five million dollars of net General Fund collections for fiscal year 2015-2016 has been exceeded. Pursuant to N. C. Gen. Stat. 105-130.3C, the corporate tax rate set in N.C. Gen. Stat. § 105-130.3 for tax years beginning on or after January 1, 2017 will be reduced from 4% to 3%.