Charlotte city leaders spoke out Wednesday against a N.C. Senate tax reform bill.
The bill would phase out corporate income taxes and get rid of a privilege tax that governments charge thousands of area businesses each year.
"It is a good move to lower the corporate tax rate," said John Cox.
He is the president and CEO of Cabarrus Economic Development. He said he doesn't have a firm opinion on the Senate bill just yet, because he's waiting on a final version. However, he is in favor of updating tax law to help North Carolina better compete with states like Texas.
"One of the things Texas has in its advantage is about $135 million of walking around money that the governor has to lure industries and when businesses get there they don't have to pay the tax rate taht other states do like North Carolina," Cox said.
A report from North Carolina League of Municipalities said the current Senate Tax Reform Bill would eventually make Charlotte lose $31 million a year and hike up personal property tax bills by as much as 7 percent.