Printable Form 8879-PE Charlotte North Carolina 2024-2025

Printable Form 8879-PE Charlotte North Carolina: What You Should Know

Fiscal Year 2025 and beyond is a New Year's Day with new beginnings on the road to a brighter future for our children, families, and communities. We have a chance to build on success in our efforts in reducing child poverty and ensuring health care is accessible for all. The FY 2025 Budget will invest in helping all families create their own better futures. As President Trump and my cabinet prepare for my State of the State Address in front of the General Assembly and our nation's capitol, I will continue to champion policies that expand opportunity, so we can all thrive and the progress of our nation is permanent. —Began Duty — State House Speaker The State of North Carolina seeks to be a tax-free state and this is the only way we can. North Carolina is known to be a Tax Free State as a result of the Tariff Act of 1930, a provision of which prohibits the use of tax to promote commerce, to reduce rates, and to finance government operations. North Carolina's top tax rate is 4.9 percent and our lowest business tax rate is 1.4 percent. North Carolina has one of the lowest state and local tax burdens in the country. With no local income taxes, the state levies no sales taxes or gasoline taxes on motor vehicle fuel or diesel fuel brought into the state. If purchased in the state, only 1 percent of the retail price of the fuel is taxed. This is similar to the federal exemption of zero percent. North Carolina has one of the most efficient school systems in the country. We have one of the highest quality public pension systems among all states and also one of the top public benefit systems. The state's pension system has accumulated net assets that rank 4th in the country. The State Teachers' Retirement System's benefits are among the largest in the country. North Carolina's system is one of only 10 that are fully funded and fully protected. The state's retirement system also ranks 1st in the nation for total state benefits to retirees at 1.7 percent. As the nation's oldest state, North Carolina also offers its citizens the most generous benefits. For instance, as an example the current state employee retirement system offers a 100 percent match to any employer contribution plan. The North Carolina state match is the highest in the nation. North Carolina offers its residents a 401k and matching IRA option where employers can directly pay the employer portion. This eliminates any employer match for the worker.

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