North Carolina Chamber Governmental Affairs Report

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North Carolina Chamber Governmental Affairs Report

  1. 1. Presentation Title Month 00 > 2007 North Carolina Chamber Governmental Affairs Report September 4, 2013
  2. 2. > 2@NCBizPolitics Political Intelligence #1 State for Jobs North Carolina Chamber The Whole Game IDEAS SOLUTIONS
  3. 3. > 3@NCBizPolitics 2013 Opportunities Politics to Policy > Strengthen North Carolina’s talent and workforce development system > Modernize the tax code > Restore solvency, integrity and affordability to the UI Trust Fund > Protect North Carolina’s water supply needs > Encourage adequate support for transportation > Continue updating the workers’ comp system > Provide greater protection through tort reform > Protect and attract jobs through continued regulatory reform > Strengthen “all of the above” energy production
  4. 4. > 4@NCBizPolitics
  5. 5. > 5@NCBizPolitics Education & Talent Supply Pillars of a Secure Future Opportunities • Strengthen workforce development Wins • S14 – Increase Access to Career/Technical Ed • H23 & H44 – Increase Digital Learning • H767 – Brass to the Class • S280 – CDL Requirements • S361 – Excellent Public Schools Act (included in the budget)
  6. 6. > 6@NCBizPolitics Competitive Business Climate Pillars of a Secure Future Opportunities • Tax modernization • UI reform • Workers’ comp improvements • Tort reform • Regulatory reform Wins • H998 – Tax Reform • H4 – UI Reform • S174 – Disapprove IC Rules • H683 – Commonsense Consumption Act • H74 – Regulatory Reform Act In Progress • S648 – NC Commerce Protection Act
  7. 7. > 7@NCBizPolitics Tax Reform > Dramatically improves North Carolina’s competitiveness regionally and nationally > Moves North Carolina from 44th to 17th in state business tax competitiveness (Tax Foundation) Key Features • Lowers the personal income tax to a flat rate of 5.8% (5.75% in 2015) • Increases the standard deduction • $20,000 combined mortgage interest and property tax deduction • Eliminates the sales tax holiday • Eliminates the estate tax • Nonprofit sales tax refund cap: $45M • Allows many credits, including Article 3J, to expire, but keeps the R&D credit • Reduces the corporate income tax from 6.9% to 6% in 2014, 5% in 2015, and 3% by 2017 if triggers are met • Studies: elimination of the franchise tax, expansion of the sales tax, and the corporate income tax trigger
  8. 8. > 8@NCBizPolitics UI Reform > Our “Broke & Broken” UI System > $2.5+ billion debt > 3rd highest UI debt in USA, 2nd highest per capita debt > Federally mandated tax increases on employers until the debt is paid off > Most generous benefits of any in in the South > “Worst managed UI system in the nation for the last 15 years” > #1 impediment to business climate competitiveness and job creation > Reforms > Bring benefits in line with revenues, avoid yearly federal tax increases > Restore solvency, affordability, integrity to the reemployment system Unemployment Insurance Trust Fund Cash Flow, 1990 to 2012
  9. 9. > 9@NCBizPolitics Entrepreneurship & Innovation Pillars of a Secure Future Opportunities • “All of the above” energy production strategy Wins • S76 – Domestic Energy Jobs Act • H613 – Omnibus Act Regarding Coal-Based Energy (bad for jobs, defeated) In Progress • S522 – New Markets Jobs Act • H680 – Crowd-funding
  10. 10. > 10@NCBizPolitics Infrastructure & Growth Leadership Pillars of a Secure Future Opportunities • Protect NC’s water supply • Encourage adequate support for transportation Wins • S341 – Amend Interbasin Transfer Law • H157 – Limit Use of Highway Fund Credit Balance • H817 – Strategic Transportation Investments • H857 – Public Contracts Construction Methods • S710 – Fair Share Contribution for Electronic Vehicles (budget)
  11. 11. > 11@NCBizPolitics QUESTIONS? Nathan Babcock nbabcock@ncchamber.net

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