Regulatory reforms and other changes to help North Carolina’s business climate have helped our state’s economy create over half a million new jobs, and cut the unemployment rate in half. This year, we further reduced taxes on North Carolina job creators by reducing the corporate income tax and cutting the franchise tax on small businesses.
Delivered major additional tax relief that will save middle class families and small businesses $530 million over the next two years. When fully implemented, the reductions will result in 99 percent of taxpayers either paying less or paying no state personal income taxes at all.
Acted to make college far more affordable and accessible by fully funding the N.C. Promise Program, which guarantees in-state undergraduate students at three schools across the state pay just $500 per semester for tuition.
Ensured the state is well-prepared for the future by increasing the rainy day fund to its highest total ever. The savings reserve is now at $1.838 billion, the highest figure in state history. Lawmakers also increased the amount of state funds automatically going into savings each year.
Fulfilled our promises to further reduce taxes on middle-class families and job-creators, provide a fourth consecutive teacher pay raise and appropriate nearly $700 million more for public education
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