TBA Law Blog

TBA Law Blog

North Carolina May Provide Inspiration for Privilege Tax Repeal

Posted by: Stacey Shrader Joslin on Jun 26, 2023

It was not long ago that North Carolina had the highest personal and corporate income tax rates in the Southeastern United States, but state legislators have been systematically cutting business and individual taxes, Forbes reports. This year, legislators turned their attention to the professional privilege tax, with the state House passing a budget that repeals the tax. The final budget is being negotiated but if the tax is repealed in the Tar Heel state, Tennessee would be among just five states that still levy a privilege tax. Tennessee House Majority Leader William Lamberth tells Forbes that state leaders agree with the goal of completely doing away with the tax but are moving judiciously. "It should never have been put in to begin with and on every single profession," he said. Jim Brown, NFIB state director in Tennessee, tells the magazine that “No one should be taxed just to go to work” and that “Paying the state $400 a year is a burden on many and frankly an insult” for those who “take care of the needs of so many Tennesseans.”

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