Important Notice: The General Fund tax collections for fiscal year 2014-2015 exceeded the targeted amount.

Date:  August 6, 2015 

Issued by:  Income Tax Division

Important Notice: The Secretary of Revenue confirms that net General Fund tax collections for fiscal year 2014-2015 exceeded the targeted amount of $20,200,000,000. The corporate tax rate for years beginning on or after January 1, 2016, will be reduced by 1%.

The purpose of this notice is to notify corporate taxpayers that the targeted amount of twenty billion two hundred million dollars of net General Fund collections for fiscal year 2014-2015 has been exceeded. Pursuant to N.C. Gen. Stat. 105-130.3C, the corporate tax rate set in N.C. Gen. Stat. 105-130.3 for tax years beginning on or after January 1, 2016, will be reduced from 5% to 4%.