NC S734

Reenacts North Carolina's earned income tax credit (EITC) by rewriting G.S. 105-151.31 to allow individuals claiming the federal EITC under Section 32 of the Internal Revenue Code to claim a state credit equal to 5% of their federal credit amount (4.5% for tax year 2013).

Makes the state EITC refundable, meaning if the credit exceeds the individual's state tax liability after all other credits, the excess amount must be refunded to the taxpayer as an overpayment.

Requires nonresidents and part-year residents to reduce their credit by multiplying it by a fraction calculated under G.S. 105-134.5(b) or (c).

Extends the sunset date of the credit from January 1, 2014 to January 1, 2024, allowing the credit to remain in effect through tax year 2023.

Effective for taxable years beginning on or after January 1, 2020.