NC S669

Reduces North Carolina individual income tax rates in three phases beginning January 1, 2014, with rates dropping from 6-7.75% to a single 5.25% rate in 2014, further declining to 4.75% in 2015, and reaching 4% in 2016 for all tax brackets.

Eliminates the lowest tax bracket (previously 6%) entirely starting in 2014, creating a 0% rate on the first $5,000 to $12,500 of income depending on filing status.

Adjusts tax bracket thresholds across all filing statuses (married joint, head of household, unmarried, and married filing separately) to accommodate the rate reductions.

Directs the Revenue Laws Study Committee to study the complete elimination of the individual income tax as a General Fund revenue source and report findings to the General Assembly.

Takes effect January 1, 2014 for the initial rate reduction phase, with subsequent reductions effective January 1, 2015 and January 1, 2016.