2014 brings new tax laws to North Carolina - WBTV 3 News, Weather, Sports, and Traffic for Charlotte, NC

2014 brings new tax laws to North Carolina

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The New Year brings a set of new tax laws to North Carolina.

For starters, income tax changes will impact the amount of money people see in their paychecks. The graduated tax system is now a thing of the past. Everyone will now be subject to a fixed 5.8 percent income tax. This setup will result in bigger tax breaks for people with larger salaries.

Lawmakers have also added taxes that did not exist in 2013. If you plan on purchasing a ticket for a live college or professional sporting event, you are going to pay an additional 6.75 percent sales tax. That also applies to tickets for movies, concerts and other attractions.

Electric car owners will also notice a new fee this year. Lawmakers approved implementing a new $100 fee for registering an electric car. Lawmakers said that fee offsets gas taxes, which electric car owners do not have to pay.

There are also tax breaks that are being eliminated in the New Year. Lawmakers put an end to the annual tax-free weekend for back-to-school shopping. Rebates for energy-efficient appliances have also been cut in 2014.

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