Omnibus Tax Bill Passes the House. On to the Senate.

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After two days of debate HB 1050 - Omnibus Tax Changes passed the House. (Bills that raise revenue must be have 2nd and 3rd readings on separate days).

House Members considered 10 amendments and approved 7 of them with bi-partisan support. Many were clarifying amendments regarding what constitutes a separate business location (an ATM does not), or states that the bill does not interfere with FDA jurisdiction over e-cigarettes or vapor.

An amendment to remove the e-cigarette section of the bill so that the taxing of e-cigarettes could be considered separately, failed. The amendment sponsor, Rep. Carney, a Democrat from Mecklenburg County said of levying the excise tax of e-cigarettes, "If you are going to vote for a new tax, make it count." That amendment failed nearly along party lines.

The House-passed bill did flatten the locally-levied franchise tax to $100. Many towns and cities will lose big revenue.
 

 

Topics:  E-Cigarettes, Excise Tax, FDA, Tax Reform

Published In: Elections & Politics Updates, Tax Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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