Panel urges tax reform

The Institute for Emerging Issues says its time to revamp state taxes.

A committee created by the Raleigh-based think tank said Tuesday that the General Assembly should pass tax reform this year to help keep North Carolina business-friendly.

The committee said sales taxes and corporate and personal income taxes should be reduced, while exemptions and loopholes are eliminated.

Former Charlotte Mayor Richard Vinroot, who ran for governor as a Republican, co-chaired the committee. He said local governments should have more options to raise their own funds.

Senate Democrats are considering whether to lower tax rates while taxing some services. (AP)