(The Center Square) – Taxpayers in North Carolina will face an average tax increase of $2,382 if the 2017 Tax Cuts and Jobs Act expires at the end of the year, says the National Taxpayers Union Foundation.

Results of analysis were released Thursday morning by the nonprofit organization billing itself a “nonpartisan research and educational affiliate of the National Taxpayers Union.” Its four state neighbors were similar, with South Carolina lower ($2,319) and higher averages in Virginia ($2,787), Georgia ($2,680) and Tennessee ($2,660).

The Tax Cuts and Jobs Act of eight years ago was a significant update to individual and business taxes in the federal tax code. According to the Tax Foundation, it was considered pro-growth reform with an estimate to reduce federal revenue by $1.47 trillion over a decade.

Should no action be taken before Jan. 1 and the act expire, the federal standard deduction would be halved; the federal child tax credit would decrease; higher federal tax brackets would return; the federal estate tax threshold will be lower; and some business tax benefits will be gone.

The foundation, in summarizing the impact on North Carolina business expensing, says the state conforms to Section 168(k). This means “only 60% expensing for business investments this year and less in future years. State policymakers could adopt 100% full expensing, particularly since the state conforms to the Section 163(j) limit on interest expense and the two provisions were meant to work together.”

The foundation says business net operation loss treatment policies in the state “are less generous than the federal government and impose compliance costs due to lack of synchronization with the federal code and are uncompetitive with most other states.”

The National Taxpayers Union Foundation also says lawmakers “should at least be conscious of any retroactive provisions when selecting their date of fixed conformity.” North Carolina is among 21 states conforming to the federal income tax base “only as of a certain date” rather than automatically matching federal tax code changes – meaning definitions, calculations or rules.

The foundation said nationally the average filer will see taxes raised $2,955. It estimates an increase for 62% of Americans. The biggest average increases by state are in Massachusetts ($4,848), Washington ($4,567) and Wyoming ($4,493) and the lowest are in West Virginia ($1,423), Mississippi ($1,570) and Kentucky ($1,715).

Individual wages, nationally, are expected to go down 0.5%, reducing economic growth by 1.1% over 10 years.

(The Center Square) – Authorization of sports agents to sign North Carolina’s collegiate athletes for “name, image, and likeness” contracts used in product endorsements is in legislation approved Wednesday by a committee of the state Senate.

Authorize NIL Agency Contracts, known also as Senate Bill 229, is headed to the Rules Committee after gaining favor in the Judiciary Committee. It would likely next get a full floor vote.

Last year the NCAA approved NIL contracts for players.

“Athletes can benefit from NIL by endorsing products, signing sponsorship deals, engaging in commercial opportunities and monetizing their social media presence, among other avenues,” the NCAA says on its website. “The NCAA fully supports these opportunities for student-athletes across all three divisions.”

SB229 spells out the information that the agent’s contract with the athlete must include, and requires a warning to the athlete that they could lose their eligibility if they do not notify the school’s athletic director within 72 hours of signing the contract.

“Consult with your institution of higher education prior to entering into any NIL contract,” the says the warning that would be required by the legislation. “Entering into an NIL contract that conflicts with state law or your institution’s policies may have negative consequences such as loss of athletic eligibility. You may cancel this NIL agency contract with 14 days after signing it.”

The legislation also exempts the NIL contracts from being disclosed under the state’s Open Records Act when public universities review them. The state’s two ACC members from the UNC System, Carolina and N.C. State, requested the exemption.

“They are concerned about disclosure of the student-athlete contracts when private universities don’t have to disclose the student-athlete contracts,” Sen. Amy Galey, R-Alamance, told the committee. “I feel very strongly that a state university should not be put at a disadvantage at recruitment or in program management because they have disclosure requirements through state law.”

Duke and Wake Forest are the other ACC members, each a private institution.