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Charlotte area residents have a major sales tax decision coming up, which will have an impact on businesses that collect and remit sales tax.
As many area businesses know (OR SHOULD KNOW!), Charlotte’s sales tax rate is either 2%, 7.25%, or 8.25% and what rate belongs to your business is based on what the business is selling. The city council recently authorized a 0.25% increase to be added to the upcoming November 5th election, in which voters can make the choice of passing or halting the tax increase. If the increase is passed, the good news is that the proceeds will stay in Charlotte and are allocated according to a specific formula, heavily favoring the arts.
Justin Prusiensky, GP CPA
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Since we now have less than 90 days left in the year, kindly keep me apprised of when you expect the major revenue collections to be during the next few weeks and we can adjust accordingly.
A CFP® is a Certified Financial Planner professional that focuses on taking a holistic approach to goals-based planning.
While it may not feel like Fall is anywhere close by, the date tells us that we have barely 100 days left in the year.