Loading chat...
NC H323
Bill
Status
3/10/2011
Primary Sponsor
John Blust
Click for details
AI Summary
-
Reduces the corporate income tax rate from 6.9% to 4.75% for taxable years beginning on or after January 1, 2011
-
Modifies G.S. 105-130.3 to establish the new 4.75% tax rate for C Corporations doing business in North Carolina
-
Changes the Public School Building Capital Fund allocation fraction from 5/69 to 1/95 of net corporate income tax collections, effective for the calendar quarter ending September 30, 2011
-
The corporate tax rate reduction applies to all C Corporations; S Corporations remain exempt from the tax
-
Effective date: January 1, 2011 for the tax rate reduction; July 1, 2011 for the Public School Building Capital Fund changes
Legislative Description
Decrease Corporate Income Tax Rate
Last Action
Ref To Com On Rules, Calendar, and Operations of the House
3/14/2011