Thursday, January 10, 2013

N-R, look at tax shenanigans closer to home

The editorial in this morning's News & Record lambastes Congress for including a host of additional business tax breaks in the recently-enacted fiscal cliff legislation, including $15 million over two years for films shot in the U.S and a $70 million break over two years for NASCAR .

When the editorial staff finishes cooking their federal goose, they might take a gander at the special-interest tax goodies that are parts of the North Carolina tax code. According to the NC Department of Revenue, the state provides a $35.8 million annual corporate tax break to in-state movie production, including a refundable tax credit (the tax credit is set to expire in 2014) and $400,000 in tax breaks for aviation fuel and vehicle parts used in "professional motorsports." Motorsports facilities are also classified as a special business class that are eligible for tax credits for adding jobs or investing in property.

1 comment:

Roch Smith, Jr said...

Right on, Dave. Of course, the N&R actually cheered the tax breaks and abatements (no property tax on your airplanes if you are an overnight cargo carrier) served up to FedEx by the state and county.

So yeah, the opinionists at the N&R are quite inconsistent if not hypocritical.