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NC H556

Bill

Official Source

Status

Introduced

4/13/2021

Primary Sponsor

Marcia Morey

Click for details

Origin

House of Representatives

2021-2022 Session

AI Summary

  • Implements progressive individual income tax brackets based on filing status, replacing the flat 5.25% rate, with rates ranging from 5.25% to 7% depending on income level and filing status
  • Married filing jointly taxpayers pay 5.25% on income up to $500,000, 6.50% from $500,000 to $1,000,000, and 7% above $1,000,000
  • Single filers pay 5.25% on income up to $250,000, 6.50% from $250,000 to $500,000, and 7% above $500,000
  • Increases the corporate income tax rate from 2.5% to 5% for C Corporations doing business in North Carolina
  • Becomes effective for taxable years beginning on or after January 1, 2021

Legislative Description

A Tax Plan for a Just Recovery

Public

Last Action

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

4/15/2021

Committee Referrals

Rules, Calendar, and Operations of the House4/15/2021

Full Bill Text

No bill text available