NC S181

Reenacts North Carolina's earned income tax credit (G.S. 105-151.31) that previously expired, allowing eligible individuals to claim a credit equal to 5% of the federal earned income tax credit they qualify for under section 32 of the Internal Revenue Code

Establishes the credit rate at 4.5% for taxable year 2013 and 5% for all other taxable years, with adjustments required for nonresidents and part-year residents

Makes the credit refundable, requiring the Secretary to refund any excess amount that exceeds the taxpayer's tax liability after all other credits are applied

Sets the sunset date for the credit at January 1, 2025, extending the credit for approximately four additional years from the original 2014 expiration date

Effective for taxable years beginning on or after January 1, 2021