Today @NCCapitol (July 16): Tax reform bill arrives

McCrory called the measure "the most comprehensive tax reform package in North Carolina" history, praising the bill as "fiscally responsible, ensuring the appropriate revenues for state governments now and in the future." 

The measure reduces corporate and personal income tax rates and makes tweaks throughout the tax code, but is it "tax reform?" It depends on who you ask. 

One of the key principles talked up by Republican leaders earlier this year was the idea of "broadening the base" but "lowering the rates," particularly when it came to sales taxes. The idea was that you would tax more things and close loopholes that favored particular industries in exchange for lowering the amount of tax paid during any one transaction. By that measure, this bill could be viewed as falling short. It doesn't expand the sales tax base much and closes only a few loopholes. 

However, the measure does anticipate future changes, tasking an interim study committee with recommending more changes. And Tillis and Berger point out it will make filing corporate and personal income taxes easier, which will make filing taxes simpler and make North Carolina's rates compare more favorably to neighboring states. 

Others disagree. 

"Real tax reform would focus on closing special interest loopholes and establishing a tax code that treats all of our hardworking taxpayers fairly," Rep. Larry Hall, D-Durham, said.

Even some Republicans who are kindly disposed toward the bill say it doesn't achieve what is needed.

"Is this comprehensive tax reform? No. But this is the first step towards it," said Sen. Bob Rucho, R-Mecklenburg. Rucho headed up earlier efforts toward tax reform this year and pushed lawmakers to get to a zero income tax rate. 

"Increasing the tax burden on housing and home ownership will hurt the overall goal of tax reform to improve North Carolina's economy," said Realtors' chairman Mark Zimmerman.

Which should make McCrory's scheduled appearance before the group at 9:15 a.m. this morning all the more interesting. 

For more details on the bill:

Estimates from leaders in both the House and Senate suggest that a budget deal could be done by the end of this week.

"We would like to work 7 days a week, as many hours as we can until we get finished," Senate Leader Phil Berger said Monday night.

While House leaders didn't exactly embrace working on Sunday, there is definitely the prospect of unusual Friday sessions and possibly even some formal meetings on Saturday if there is work to do.  

Speakers at the event are expected to include state Republican Party Chairman Claude Pope, Vice Chairwoman Joyce Krawiec, Conservative Speaker Clarence Henderson, and N.C. Values Coalition Executive Director Tami Fitzgerald.