Tuesday, March 24, 2009

N.C. Corporate Tax Revenue Down 37%

Originally Posted at Triangle Business Journal

Collections from the state’s tax on corporate profits were down 37 percent for the first eight months of fiscal 2009, July through February, as North Carolina companies battled the recession.

The number is seen as a barometer of business conditions.

Collections during the eight-month period were $275.8 million, down from the $441.5 million recorded during the same period in fiscal 2008, according to the North Carolina controller’s office.

The state taxes corporate profits at a rate of 6.9 percent.

In a new report on the state’s fiscal outlook, North Carolina General Assembly researchers pegged recessionary job losses in the state at 197,000 through February and commented that “recessionary conditions will persist for much, if not all, of 2009.”

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