North Carolina Gov. Roy Cooper vetoed a bill that would place a franchise tax cut and film tax credits across the state.
With the support of Republican lawmakers, Senate Bill 578 landed on the governor’s desk on Nov. 1 after largely passing through both chambers of the legislature largely along party line votes.
The governor vetoed the bill on Nov. 8.
Gov. Roy Cooper
"This legislation prioritizes corporate tax cuts over investments in education and would further erode state revenue at the same time the General Assembly is underinvesting in schools," Cooper wrote in his veto message. "Cutting taxes for corporations at more than $1 billion over five years will hurt North Carolina's future."
While Democrats argued the state can ill-afford to lose the extra revenue, Republicans contended the cut will do away with unnecessary burdens placed on small business owners and could even entice potential new owners to officially make the jump into business.
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