NC S603

Creates the Individual and Family Relief Grant Program administered by the Department of Revenue using American Rescue Plan Act funds to provide one-time grants to eligible low-income individuals and those with employment interruptions from COVID-19.

Provides $1,000 grants to individuals who received unemployment benefits for at least three months during 2020, and $250 grants to other eligible individuals, with awards made by October 1, 2021.

Establishes eligibility requirements including application deadline of July 1, 2021, and adjusted gross income limits of $35,000 for single filers or $53,000 for other filing statuses.

Authorizes grant distribution by direct deposit to accounts that received 2019 state tax refunds, or by check mailed to addresses on 2019 tax returns or applications, with checks valid for 90 days.

Adds a $250 tax credit for taxpayers with one or more qualifying relatives, effective for taxable years beginning January 1, 2021 through December 31, 2021, and excludes Individual and Family Relief Grant Program payments from gross income.