Gov. Pat McCrory signed a major tax cut bill into law Tuesday, saying it will help ease the state's economic pain.
The measure cuts personal and corporate income taxes to the lowest levels of neighboring states and limits future states spending. McCrory and Republican leaders say it will give a break to every taxpayer but legislative analysis suggest some families, retirees and small business owners may see a tax hike.
The governor focused his remarks on job recruitment, saying the lower tax rates will help spur job creation in a state with the fifth highest unemployment in the nation, even as he cautioned it won't cure the entire problem. "We've moved toward action people are hurting," McCrory said.
By signing the bill, McCrory and GOP leaders met a campaign promise to lower taxes but McCrory broke a pledge to keep the bill revenue neutral. The measure will cut $2.4 billion in state tax revenue over five years from the annual $20 billion budget.
The governor signed the bill with 12 pens, flanked by lawmakers at the executive mansion.