NC H1210

Establishes a progressive tax rate structure with lower rates for taxpayers below certain income thresholds and a higher rate of 7.75% for income above those thresholds (married filing jointly: $1,000,000; heads of household: $800,000; unmarried: $600,000; married filing separately: $500,000).

Reduces the base tax rate from 5.8% to 5.75% for income below the threshold amounts, effective for taxable years beginning January 1, 2015.

Applies a 7.75% tax rate to all income above the specified threshold amounts for each filing status category.

Repeals Section 1.2 of S.L. 2013-316, which previously provided tax cuts for higher-income taxpayers.

Effective dates: Section 1 applies to taxable years beginning January 1, 2014; Section 2 applies to taxable years beginning January 1, 2015; remaining provisions effective upon enactment.