The NC Senate released its latest revision to HB117 and it contains revenue laws changes including sales tax reallocation, but no tax on veterinary services! You may read the latest proposed revisions by clicking the link below:
Of course, these revisions will now be considered by the House as they further negotiate a final budget for 2015, but this is very good news, as the House opposed any tax on professional services.
While we escaped this go round, I hope we all took a minute to assess what the cost would have been, not only to our own pocketbooks but to the thousands of small businesses across our state that provide services we use every day.
Sales tax on pet care and veterinary services????
Yes, that is in our near future if we don't move now and change the direction of the modifications made to HB117. This budget has many broad reaching changes to our state's income and sales tax rules. One piece of this is new application of sales tax to repairs, maintenance (aka every person you hire to fix your house or car), veterinary and advertising services. In addition it will change law to allow local sales tax to be as high as 2.5%. ANother thing to keep in mind is that veterinary care extends to food animal production as well. I am sure this will result in a price hike in our animal based food sources as well.