NC S1155

Reduces the corporate income tax rate to a flat 6.4% for all C Corporations, effective for taxable years beginning on or after January 1, 2010.

Replaces the previous graduated tax rate schedule (ranging from 7.5% to 6.9%) with a single fixed rate of 6.4% of state net income.

Modifies the Public School Building Capital Fund allocation from the Department of Revenue's corporate income tax collections from a variable fraction to a fixed rate of five sixty-fourths (5/64), effective July 1, 2010.

Applies the new allocation formula to corporate income tax collections starting with the calendar quarter ending September 30, 2010.