Loading chat...

NC H499

Bill

Official Source

Status

Introduced

4/8/2021

Primary Sponsor

Wesley Harris

Click for details

Origin

House of Representatives

2021-2022 Session

AI Summary

  • Reenacts the North Carolina Earned Income Tax Credit, which had previously expired, effective for taxable years beginning January 1, 2021
  • Allows individuals claiming the federal earned income tax credit under section 32 of the Internal Revenue Code to claim a state credit equal to 20% of the federal credit amount
  • Makes the state credit refundable, allowing taxpayers to receive a refund if the credit exceeds their tax liability
  • Eliminates the previous tiered percentage structure (4.5% for 2013, 5% for other years) in favor of a flat 20% credit rate
  • Requires nonresident or part-year residents to reduce the credit by multiplying it by an appropriate income-apportionment fraction

Legislative Description

Recovery Rebate for Working Families Act

Public

Last Action

Ref To Com On Rules, Calendar, and Operations of the House

4/12/2021

Committee Referrals

Rules, Calendar, and Operations of the House4/12/2021

Full Bill Text

No bill text available