NC H885

Requires the Department of Revenue Secretary to prepare and publish a report by March 1 of each odd-numbered year analyzing the overall incidence of income tax, sales and excise taxes, and property tax.

Mandates the Secretary to prepare impact analysis reports within 15 days when requested by a finance committee member for bills that would increase, decrease, or redistribute taxes by more than $20,000,000.

Specifies that tax incidence reports must present information on the distribution of tax burden across overall income distribution using a systemwide incidence measure broken down by income quintiles.

Requires reports to use the broadest measure of economic income for which reliable data is available to analyze tax equality and inequality.

Effective January 1, 2012.