CHARLOTTE – Hey Tax Payer, are you feeling a crunch at the pump? Well things are going to get worse!
So, Let’s Get To It…
If you live in the greater Charlotte area, you have noticed gas prices are fluctuating between $2.99 per gallon to almost $3.35 per gallon. North Carolina Department of Revenue announced back in November that there will be a gas tax rate increase.
The rate will increase from 38.5 CPG to 40.5 CPG. As you already know, North Carolina has the highest gas tax rate in the south. Gas prices are already stretching most budgets so this price increase from NCDOR may hit even harder than the federal gas rate.
The good news from NCDOR is the income tax rate dropped from 4.99% to 4.75%. This decrease trend will continue until NC has reached a tax rate of 3.99% by 2026.
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