The leaders in the N.C. House started rolling our their version of a 2017-18 fiscal year spending plan. And as expected, the House budget writers took a different approach to taxes and spending, adding their own priorities.
The House version eliminates taxes on manufacturing machinery, a priority for the Hosiery and Textiles Governmental Affairs Council over the past six years. Last year Sen. Bob Rucho, a Senate Finance chair, killed the provision, but he no longer serves in the Senate. Prospects are better this year when House and Senate conferees hammer out compromises over the next few weeks. It is estimated the action will save manufacturers $25 million a year. For entrepreneurial start-up companies, the saving is significant.