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NC S625
Bill
AI Summary
- Implements progressive income tax rates for individuals, replacing the flat 5.25% rate with tiered brackets ranging from 5.15% to 7% based on filing status and income level
- Married filing jointly taxpayers pay 5.15% on income up to $500,000, 6.50% from $500,000 to $1,000,000, and 7% on income over $1,000,000
- Single filers pay 5.15% on income up to $250,000, 6.50% from $250,000 to $500,000, and 7% on income over $500,000
- Increases corporate tax rate from 2.5% to 5.25% for C Corporations doing business in North Carolina
- Effective for taxable years beginning on or after January 1, 2021
Legislative Description
A Tax Plan For A Just Recovery
Public
Last Action
Held As Filed
4/7/2021
Full Bill Text
No bill text available