McCrory signs NC bill setting business tax repeal

RALEIGH, WAKE COUNTY - North Carolina Gov. Pat McCrory has signed quickly into law tax changes that include a repeal of some municipal privilege taxes.

But McCrory says he's gotten assurances from legislators they'll work with towns and cities to help them make up the lost revenue.

McCrory signed the bill Thursday shortly after the House and Senate gave separate, final approval to the legislation.

Bill supporters say swift resolution was needed in part to clarify local taxes on temporary home rentals before the U.S. Open golf championships in Pinehurst next month.

The measure also would eliminate local business privilege taxes on July 1, 2015. It could result in a $62 million loss for municipalities unless lawmakers work out a way to reinstate the tax in another form or provide other revenue sources.

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