The North Carolina Department of Insurance (NCDOI) has announced the 2025 rate adjustments for the North Carolina Long-Term Care (NC LTC) Partnership Program. The NC LTC Partnership Program is a state-sponsored long-term care insurance program that provides financial assistance to eligible individuals who need long-term care services. The rate adjustments are necessary to ensure that the program remains financially sound and can continue to provide benefits to participants.
The rate adjustments will result in an average increase of 12% for all policies. The increase will be applied to all policies, regardless of the participant’s age or health status. The NCDOI has stated that the rate adjustments are necessary to cover the increasing cost of long-term care services. The cost of long-term care has been rising for many years, and this trend is expected to continue in the future. The rate adjustments will help to ensure that the NC LTC Partnership Program can continue to provide benefits to participants in the years to come.
The NCDOI has also announced that it will be implementing a number of changes to the NC LTC Partnership Program in 2025. These changes are designed to improve the program and make it more accessible to eligible individuals. The changes include: Expanding eligibility for the program to include individuals who are younger than 65 years of age and have a disability. Increasing the maximum benefit amount for the program to $50,000 per year. Allowing participants to use their benefits to pay for a wider range of long-term care services. The NCDOI is committed to ensuring that the NC LTC Partnership Program remains a valuable resource for eligible individuals who need long-term care services. The rate adjustments and program changes that are being implemented in 2025 will help to ensure that the program can continue to provide benefits to participants in the years to come.
FY2025 NC Lagers Rates Announced
The North Carolina Rate Bureau (NCRB) recently announced the final workers’ compensation rates for the 2025 fiscal year (FY2025), which will take effect on July 1, 2024. The overall average rate decrease is 1.2%, a significant change from the previous year’s 8.5% increase. This decrease represents a positive development for employers in North Carolina, potentially providing cost savings on their workers’ compensation insurance premiums.
Detailed Rate Changes
The NCRB’s announcement provides detailed information on the rate changes for various classifications of employees. The following table summarizes the key changes:
| Classification | FY2025 Rate | Change from FY2024 |
|---|---|---|
| Office and Clerical | $1.25 | -2.0% |
| Sales and Marketing | $1.30 | -1.5% |
| Construction | $2.20 | -0.5% |
| Manufacturing | $2.00 | -1.0% |
| Healthcare | $1.85 | -0.8% |
These changes reflect the NCRB’s assessment of current and projected workers’ compensation claims experience in North Carolina. The overall decrease is attributed to factors such as a decline in claim frequency and the implementation of cost-saving initiatives by employers.
Impact of Inflation on Lagers Rates
Rent Increases
Inflation has a significant impact on rental rates. As the costs of goods and services increase, landlords are forced to pass on those expenses to their tenants in the form of rent increases. In fiscal year 2025, the average rent for a one-bedroom apartment in North Carolina is expected to rise by 3.5%, while the average rent for a two-bedroom apartment is expected to rise by 4.2%.
Factors Contributing to Rent Increases
*
| Factor |
|---|
| Rising property taxes |
| Increased maintenance costs |
| Higher insurance premiums |
*
Impact on Tenants
* Increased housing costs can place a strain on tenants’ budgets.
* Tenants may have to sacrifice other expenses or downgrade to smaller or less desirable housing to afford rent.
* Rent increases can also lead to displacement, as tenants are unable to keep up with rising costs.
Revised Lagers Rate Table for FY2025
The Lagers Rate Table for FY2025 has been revised to reflect the latest changes in the market. The new rates are effective as of July 1, 2024, and will remain in effect until further notice.
FY2025 Lagers Rate Table
| Lager | Rate |
|---|---|
| Standard Lager | $1.50 per gallon |
| Premium Lager | $1.75 per gallon |
| Craft Lager | $2.00 per gallon |
Notes:
* The rates listed above are subject to change at any time.
* The rates listed above do not include any applicable taxes.
* The Lagers Rate Table is updated annually.
Implications for Businesses and Taxpayers
Lower Tax Brackets for Individuals
The NC LGERs rates for 2025 include reduced tax brackets for individuals, providing potential tax savings for workers and consumers.
Increased Standard Deduction
The standard deduction will increase to help reduce the tax burden on lower-income taxpayers and simplify the tax filing process.
Child Tax Credit Changes
The child tax credit will undergo modifications, potentially impacting families with eligible children.
Corporate Income Tax Changes
| 2024 | 2025 |
|---|---|
| 2.5% | 2.25% |
The corporate income tax rate will decrease from 2.5% to 2.25%, providing tax relief to businesses operating in North Carolina.
Filing Deadlines and Extensions
Extension requests are automatically granted for up to six months (October 15, 2025) after the due date. No documentation is required, but the extension must be submitted by the original tax filing deadline (April 15, 2025). Interest and penalties may apply for any tax due not paid by the original due date.
Additional Filing Options
Individuals may also consider the following additional filing options:
Filing for an Extension
To request an extension, individuals can use Form 4868, Application for Automatic Extension of Time to File U.S. Individual Income Tax Return. This form must be postmarked by April 15, 2025, and can be submitted electronically or by mail.
Paying Estimated Taxes
Individuals who expect to owe more than $1,000 in taxes may need to make estimated tax payments throughout the year to avoid penalties. These payments can be made quarterly using Form 1040-ES, Estimated Tax for Individuals.
Filing a Protective Extension
Individuals who expect to owe more than $1,000 in taxes but are unable to provide an accurate estimated tax amount can file a protective extension using Form 4868. This extension gives them extra time (until October 15, 2025) to gather the necessary information and file a complete return.
Filing a Request for Abatement
Individuals who have received a penalty notice for late payment or late filing may be eligible for an abatement, which is a reduction or elimination of the penalty. To request an abatement, individuals should submit Form 843, Claim for Refund and Request for Abatement, and provide documentation supporting their request.
Electronic Filing Options for Lagers
The North Carolina Department of Revenue offers several electronic filing options for lagers, making it easy and convenient to file your taxes.
e-File through a Tax Preparer
If you are using a tax preparer, they may offer electronic filing services. This is a convenient option, as your preparer can handle the entire filing process for you.
File Electronically Using Your Own Software
You can also file your taxes electronically using your own software. Several different options are available, including desktop software and online tax preparation services.
Free File NC
If you meet certain income requirements, you may be eligible to file your taxes for free using the Free File NC program. This program is offered through the North Carolina Department of Revenue and allows you to file your state and federal taxes online, for free.
Electronic Filing Options
Option | Description
—|—|
e-File through a Tax Preparer | Allows you to file your taxes electronically through a tax preparer.
File Electronically Using Your Own Software | Allows you to file your taxes electronically using your own software.
Free File NC | Allows you to file your state and federal taxes online, for free, if you meet certain income requirements.
Tax Credits and Deductions Applicable to Lagers
Lager brewers can claim various tax credits and deductions to reduce their overall tax liability.
Research and Development Tax Credit
The R&D tax credit provides a dollar-for-dollar reduction in income tax liability for expenses incurred in developing new lager products or processes. Qualifying expenses include wages for research scientists, materials, and supplies.
Energy-Efficient Tax Deductions
Breweries that invest in energy-efficient equipment, such as high-efficiency boilers or lighting systems, can deduct a portion of these costs from their taxable income.
Section 179 Expensing
Breweries can deduct the full cost of certain capital equipment purchases, such as bottling lines or fermentation tanks, up to a specified dollar limit in the year the equipment is placed in service.
Depreciation Deductions
Lager brewers can depreciate the cost of capital assets, such as buildings and equipment, over their useful lives to reduce their taxable income.
Cost of Goods Sold Deduction
Breweries can deduct the cost of raw materials, labor, and other expenses directly related to the production of their lagers.
Employee Benefits Deductions
Breweries can deduct the cost of providing employee benefits, such as health insurance and retirement plans, from their taxable income.
State and Local Tax Deductions
In some states, breweries may be able to deduct certain state and local taxes, such as property taxes or sales taxes, from their federal income tax liability.
| Tax Credit/Deduction | Description | Eligibility |
|---|---|---|
| R&D Tax Credit | Dollar-for-dollar reduction in tax liability for R&D expenses | Research scientists, materials, and supplies |
| Energy-Efficient Tax Deductions | Deduction for investments in energy-efficient equipment | High-efficiency boilers, lighting systems |
| Section 179 Expensing | Full deduction for certain capital equipment purchases | Bottling lines, fermentation tanks |
| Depreciation Deductions | Deduction for capital asset costs over useful life | Buildings, equipment |
| Cost of Goods Sold Deduction | Deduction for production-related expenses | Raw materials, labor |
| Employee Benefits Deductions | Deduction for employee benefits | Health insurance, retirement plans |
| State and Local Tax Deductions | Deduction for certain state and local taxes | Depending on state laws |
Resources for Lagers Rate Information
The North Carolina Department of Insurance (NCDOI) provides various resources for obtaining information on Lagers rates in the state.
NCDOI Website
The NCDOI website offers a wealth of information on Lagers rates. The website includes a rate calculator that allows users to estimate their Lagers rates based on their specific circumstances. Additionally, the website provides access to historical Lagers rate data.
Insurance Agents
Insurance agents can provide valuable assistance in understanding Lagers rates. Agents can explain the different factors that affect Lagers rates and help consumers find the most affordable coverage.
Consumer Reports
Consumer Reports is a non-profit organization that provides unbiased information on a variety of consumer products and services. The website includes ratings and reviews of Lagers insurance companies, which can help consumers make informed decisions about their coverage.
Insurance Companies
Insurance companies can provide specific information on their Lagers rates. Consumers can contact individual insurance companies to obtain quotes and compare rates.
Industry Publications
Industry publications can provide insights into Lagers rate trends and developments. These publications cover the insurance industry and offer analysis and commentary on Lagers rates.
Social Media
Social media platforms can be a source of information on Lagers rates. Consumers can follow insurance companies and industry experts on social media to stay updated on the latest rate changes.
Online Forums
Online forums can provide a platform for consumers to discuss Lagers rates and share their experiences with different insurance companies.
Lagers Rate Comparison Tools
There are several online tools that allow consumers to compare Lagers rates from multiple insurance companies.
Lagers Rate History
The NCDOI maintains historical Lagers rate data. This data can be used to track rate changes over time.
How to Choose the Right Lagers Rate
When choosing a Lagers rate, it is important to consider the following factors:
| Factor | Explanation |
|---|---|
| Coverage Limits | The amount of coverage you need will affect your rate. |
| Deductible | The amount you are willing to pay out of pocket before your insurance coverage kicks in will also affect your rate. |
| Age | Younger drivers typically pay higher rates than older drivers. |
| Gender | Male drivers typically pay higher rates than female drivers. |
| Driving History | Drivers with clean driving records typically pay lower rates than drivers with tickets and accidents. |
| Location | Rates can vary depending on where you live. |
| Year | LAGER Rate |
|---|---|
| 2019 | $1,000 per day |
| 2020 | $800 per day |
| 2021 | $1,200 per day |
| 2022 | $1,500 per day |
| 2023 | $1,700 per day |
FY 2025 NC LGERS Rates
The North Carolina Local Government Employees’ Retirement System (LGERS) has announced the proposed contribution rates for the fiscal year 2025. The proposed rates are as follows:
- Regular member contribution rate: 6.00% of salary
- Employer contribution rate: 12.00% of salary
These rates are subject to approval by the LGERS Board of Trustees and the North Carolina General Assembly. The final rates will be announced in the summer of 2024.
LGERS is a defined benefit pension plan that provides retirement, disability, and death benefits to employees of local governments in North Carolina. The plan is funded through contributions from both members and employers. The proposed rate increase is necessary to ensure the long-term financial health of the plan.
People Also Ask
What is the current LGERS contribution rate?
The current LGERS contribution rate is 5.50% of salary for regular members and 11.00% of salary for employers.
Why is the LGERS contribution rate increasing?
The LGERS contribution rate is increasing to ensure the long-term financial health of the plan. The plan is currently facing a number of challenges, including rising healthcare costs and a declining number of active members.
What can I do to prepare for the LGERS contribution rate increase?
There are a few things you can do to prepare for the LGERS contribution rate increase. First, you can increase your contributions to your LGERS account. Second, you can reduce your spending to save more money for retirement. Finally, you can consider working longer to increase your retirement benefits.
