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Article: North Carolina Big Businesses Want Tax Loophole Reopened.
- Article from:
- Knight Ridder/Tribune Business News
- Article date:
- August 29, 2002
CopyrightCOPYRIGHT 2002 Knight-Ridder/Tribune Business News. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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By Wade Rawlins, The News & Observer, Raleigh, N.C. Knight Ridder/Tribune Business News
Aug. 29--Legislators closed a tax loophole last year that had helped big banks and other big businesses, and by doing so they raised an additional $32 million in annual revenue.
Or so they thought.
Turns out it was $80 million or more, the state and the bankers now say, and the banks and businesses want a rewrite. They have been meeting with legislative leaders, who seem inclined to help the corporations lower their tax bills if they can do so without digging a deeper hole in the state budget.
"The bottom line is there are loopholes out there ...