North Carolina: Can pro-business tax reform boost optimism in the Tar Heel State?

73% of local businesses in North Carolina are optimistic about prospects. 

73% of local businesses in North Carolina are optimistic about prospects. 

Highlights:

  • North Carolina ranks #25 nationally in small business optimism and #16 in hiring intent
  • Proposed state tax reform could give local businesses a boost
  • Read our full report about N.C. merchants’ reasons for optimism, top worries, and thoughts about key policies that affect business

North Carolina sits smack-dab in the middle of the national optimism scale for small business, but the Tar Heel State’s recent budget proposal may nudge up the sentiment. The proposals would, among other things, reduce the personal and corporate income tax rates, cut certain aspects of the franchise tax, and allocate $4 million for local revitalization grants. (Read more from WECT 6.)

That’s good news for North Carolina’s local businesses, which listed tax reform as the top policy area they want changed, according to a new survey by Womply. Our report also found that North Carolina ranks #25 nationally for small business optimism, with 5 optimists for every pessimist, and #16 for hiring intent, with 26% of local businesses planning to add staff this year.

The report outlines a broad view of the state of small business in North Carolina, including reasons for optimism and pessimism, top worries keeping owners up at night, and opinions about how policy issues like taxes, healthcare, immigration, and overtime impact business on Main Street. Read our full report below.

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