NC S606

Amends G.S. 105-153.7(a) to clarify that the individual income tax rate is 5.75% of North Carolina taxable income, emphasizing the "rate of" tax in statutory language.

Amends G.S. 105-130.3 to clarify that the corporate income tax rate is 5% for C Corporations, emphasizing the "rate of" tax in statutory language.

Specifies that S Corporations remain exempt from the corporate income tax.

Enacted in anticipation of a constitutional amendment to ensure the amendment applies only to the percentage rate of tax and not to other changes affecting tax liability.

Effective upon becoming law.