RALEIGH, N.C. (AP) – North Carolina income tax filers wants to get more generous breaks on their returns soon but could pay more. Roy Cooper has been signed into law.
Cooper's signing announcement came several hours after he vetoed another bill that would have reduced corporate franchise taxes.
The Republican-Penned Measure Signed on Friday Increases the Standard Deduction, meaning the amount of income on which to pay no taxes, by $ 750 to $ 1,500 starting in 2020. For a single filer, the deduction will now be $ 10,750.
The new law also directs companies like Amazon to collect sales taxes on consumer buying products through third-party retailers. It's designed to collect more taxes from out-of-store retailers given a recent U.S. Supreme Court decision.