AP-NC Newswatch

Financial News
September 14, 2022
AP Scorecard
September 14, 2022
AP-NC Newswatch

North Carolina News

RALEIGH, N.C. (AP) — North Carolina Gov. Roy Cooper wants the General Assembly to pass legislation exempting individuals from state income tax on the student loan forgiveness announced by President Joe Biden. North Carolina appears to be one of a half-dozen states where the value of that forgiveness would be subject to state tax without a change. The White House has said the student loan forgiveness — up to $20,000 for some — is exempt from federal income tax. Cooper said Wednesday that it was a question of fairness, since the General Assembly gave preferred tax treatment to businesses benefitting from Paycheck Protection Program loans.

 

RALEIGH, N.C. (AP) — Nearly six years after extreme rainfall and flooding from Hurricane Matthew damaged many North Carolina homes, some homeowners are still left waiting on repairs. Some residents have spent years in motels or other temporary housing accommodations while a North Carolina agency makes slow progress spending federal funds for long-term hurricane recovery. A new bipartisan General Assembly committee investigating the delays holds its first meeting Wednesday on the four-year anniversary of when Hurricane Florence made landfall in North Carolina. Co-Chair Rep. John Bell’s district along the Neuse River incurred some of the worst flooding damage statewide. He said he’s seeking accountability on behalf of his displaced constituents.

 

RALEIGH, N.C. (AP) — North Carolina’s electricity regulators are starting what could be weeks of testimony over proposals by Duke Energy Corp. to carry out a state law demanding greenhouse gas reductions. The state Utilities Commission met on Tuesday to begin public hearings about Duke Energy’s proposal on how it cut carbon dioxide emissions in the state 70% by 2030 as compared to 2005 levels. Net-zero emissions by 2050 are also required. Three of Duke’s four options actually don’t reach 70% until 2032 or 2034. The commission has authority to delay the 2030 deadline, but many Duke critics don’t want that to happen. The commission must rule by year’s end.