NC H890

Extends the corporate income tax surtax of 3% on the tax payable under G.S. 105-130.3 from its original expiration date of January 1, 2011 to January 1, 2013.

Extends the individual income tax surtax imposed under G.S. 105-134.2A from its original expiration date of January 1, 2011 to January 1, 2013, which applies graduated rates of 0%, 2%, or 3% depending on filing status and taxable income thresholds.

The individual surtax rates vary by filing status: married filing jointly (0% up to $100,000; 2% from $100,000-$250,000; 3% above $250,000), head of household (0% up to $80,000; 2% from $80,000-$200,000; 3% above $200,000), single filers (0% up to $60,000; 2% from $60,000-$150,000; 3% above $150,000), and married filing separately (0% up to $50,000; 2% from $50,000-$125,000; 3% above $125,000).

Becomes effective upon enactment.