Taxes
From tax incentives for qualifying businesses to income tax preparation classes, we can help put your business in the position to succeed.

State of North Carolina

The State collects personal and corporate income tax. A brief summary is provided below. For detailed information please visit the North Carolina Department of Revenue.

 

Personal Income Tax

Flat tax rate: 5.75% (2016) / 5.75% (2017)

 

Corporate Income Tax

Only C-corporations and entities that elect to be taxed as C-corporations are subject to the corporate income tax.

Tax rate: 4% (2016) / 3% (2017)

 

For taxable year 2016, if net general fund tax revenues for fiscal year 14-15 equal or exceed $20.2 billion, the rate will drop 1% to 4%. If target not reached, rate remains at 5%. 

For taxable year 2017, if net general fund tax revenues for fiscal year15-16 equal or exceed $20.975 billion, the rate will drop 1%. If target reached both fiscal years, rate would be 3%. If target reached in only one fiscal year, then rate would be 4%. If target isn't reached in either fiscal year, then the rate remains at 5%.

 

Sales and Use Tax

Raleigh: 6.75% 

 

City of Raleigh

 

There is no local income tax. 

 

The City of Raleigh receives revenues through ad valorem property taxes. The rate is a combination of city and county taxes. Tax rates are calculated against each $100 in value. 

 

Property Tax

 

Raleigh: $0.4183

Wake County: $0.6005

Combined Rate: $1.0188

 

 

For a comprehensive list of local taxes visit – www.wakegov.com/tax 

 

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