North Carolina Chamber Governmental Affairs Report
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This document provides a summary of opportunities and wins for strengthening North Carolina's economy according to the North Carolina Chamber of Commerce. It identifies priorities such as talent development, tax modernization, unemployment insurance reform, regulatory reform, and energy and infrastructure projects. Recent legislative wins are highlighted, such as comprehensive tax reform, unemployment insurance reform, tort reform, and funding for transportation. The document also summarizes specific provisions and estimated economic impacts of the tax reform legislation.
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North Carolina Chamber Governmental Affairs Report
- 1. Presentation Title Month 00 > 2007 North Carolina Chamber Governmental Affairs Report September 4, 2013
- 2. > 2@NCBizPolitics Political Intelligence #1 State for Jobs North Carolina Chamber The Whole Game IDEAS SOLUTIONS
- 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
- 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@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@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@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@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@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)
Editor's Notes
- To be a winner in the global jobs war, North Carolina must strive for excellence in four key areas – “Pillars of a Secure Future.” Bolstering the four pillars is essential to creating good jobs. Within each pillar are several key drivers for robust economic growth along with recommendations for implementation. These four key economic pillars are:Education and Talent Supply Business Climate Entrepreneurship and Innovation Infrastructure and Growth Leadership While each pillar is separate and unique, no single one should be considered in isolation of the others. Instead, the pillars should be considered together to achieve a strategic regional, national, and global competitive advantage for North Carolina in the war for good jobs.