Changes in the North Carolina state tax law, enacted by the General Assembly and the governor in July of 2013, will affect taxes paid by families, individuals and businesses including JOEMC.
The new tax legislation eliminated the franchise tax on electric utilities and increases the sales tax on electricity to 7%, effective July 1 of this year. For customers with an average monthly bill of $100, the net increase in their bill attributable to the tax law changes, will be 68 cents.
The new tax legislation also eliminated the “state tax holiday” on buying efficient Energy Star-labeled appliances, effective in 2014.
For specific information on the 2013 state tax law changes and the impact on you or your business, consult a tax professional.