Gov. McCrory signs tax cuts package into law

POSTED: 10:43 AM Jul 17 2013   UPDATED: 6:51 PM Jul 23 2013
RALEIGH, WAKE COUNTY -

Gov. Pat McCrory has signed into law a package of tax cuts worth $524 million over the next two years.

Gov. McCrory signed the bill into law on Tuesday, after the General Assembly approved it last week. The legislation will reduce individual and corporate income tax rates, and adjust slightly which transactions are subject to the sales tax.

Most changes will take place in January 2014 and July 2014, although the repeal of North Carolina's estate tax begins this year.

Highlights of the bill are detailed below:

Personal Income Tax:

Corporate Income Tax:

Other Highlights:

Gov. McCrory released the following statement after signing the bill into law:

“I came to the governor’s office a few short months ago with a sense of urgency and resolve to put North Carolinians back to work. I firmly believe that this reform package will prove to be critically important to growing North Carolina's economy and getting people back to work.

"This tax reform package puts more money in families’ budgets and will restore confidence for North Carolina businesses. Because of this package, job creators will think about relocating to our great state."