"Three other states have enacted similar tax breaks — Kansas, North Carolina, and South Carolina — in the last two years. Of North Carolina’s version, the Raleigh News & Observer last year wrote: "[Legislators] heralded the tax break as a “$50,000 exemption for small businesses — the backbone of North Carolina’s struggling economy.” But the exemption is not just for small businesses. There is no cap on the size of the business that can claim the exemption. So the break will go to roughly 460,000 business owners of all sorts, including equity partners in law firms, doctors and dentists with thriving practices, even lobbyists who patrol the legislature. It also includes some state lawmakers who are business owners."
Posted on: Tue, 25 Jun 2013 14:06:03 +0000
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