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In an effort to stimulate economic growth and provide relief to small businesses in the wake of the COVID-19 pandemic, North Carolina lawmakers have passed new tax legislation that offers significant breaks to small business owners across the state.The new tax breaks, which were announced on November 25, 2025, include a decrease in the corporate tax rate for businesses with revenues under $1 million, as well as a reduction in personal income tax rates for self-employed individuals and small business owners. Additionally, the legislation includes provisions for a tax credit for businesses that hire new employees or increase wages for existing employees.Governor Roy Cooper, who championed the new legislation, stated that the tax breaks are designed to provide much-needed relief for small businesses that have been struggling in the current economic climate. "Small businesses are the backbone of our economy, and it's crucial that we provide support and resources to help them succeed," Governor Cooper said in a statement.The new tax breaks come at a time when many small businesses are still reeling from the effects of the COVID-19 pandemic, which caused widespread economic disruption and forced many businesses to shut their doors permanently. The hope is that the tax breaks will help small businesses recover and thrive in the months and years to come.In addition to the tax breaks for small businesses, the new legislation also includes measures to streamline the tax filing process and provide additional support and resources for small business owners. These measures are designed to make it easier for small businesses to navigate the complex tax system and take advantage of the new tax breaks.Overall, the new tax legislation is being hailed as a positive step forward for small businesses in North Carolina. Many business owners are hopeful that the tax breaks will provide the relief and support they need to recover from the challenges of the past few years and build a stronger, more resilient economy moving forward.