Charlotte Business Tax could go Away

[monsoon 0]

Sounds as if the state of NC is going to end the right of the cities to impose a business tax such as the one that provides something like $21M/year to the Charlotte city budget. The state says it is going to make some changes in the tax code so this will be a net $0 loss or gain to most cities in NC, but not Charlotte, because it charges such a high rate. There could be as much as $33M in cuts to the city budget coming from state changes. Sounds as if the city is going to have to figure out where to find an extra $17M starting next year. One of the state reps says Charlotte has been charging too much, so too bad. (essentially)

After hearing how this tax was handled by Charlotte it sounds as if this might be a good thing for the city. The tax unfairly hits the smaller businesses in terms of proportion. Of course the elected people including the Mayor are quite upset about it. In the Mayor's case, it's because he has 0, absolutely 0 influence over what is happening. A majority of the local delegation to the state are simply ignoring his demands to meet with him and he in return has compared them to a "cult".

[southslider 356]

Sounds like the property tax rate will be going up then.

[HopHead 1094]

Sounds like the property tax rate will be going up then.

[uptownliving 288]

Well Charlotte can't change the Property tax rate til July of next year. However it is THIS years State budget that is still being debated. So if this does end up getting eliminated then Charlotte will have to cut $16M out of their budget. There will not be any other options.

[krazeeboi 113]

Maybe this will stem the tide of some companies bolting for the 'burbs instead? Just trying to find a silver lining here.

[southslider 356]

Cynically, Barnhardt Manufacturing may be one such business safe from moving anytime soon, as a quick fix to the resulting budget hole could be dropping engineering/design for streetcar.

[monsoon 0]

^It boggles the mind the city is spending money on that anyway. There is absolutely no money to build it. It's like paying an architect to design a skyscraper that you can't afford to build. Foolish if a private company does it, very bad if tax money is wasted on it.

[mallguy 49]

Sounds as if the city is going to have to figure out where to find an extra $17M starting next year.