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NC S710
Bill
AI Summary
- Implements progressive individual income tax rates in North Carolina, replacing the flat 5.25% rate with tiered brackets ranging from 5.25% to 7% depending on filing status and income level
- For married filing jointly taxpayers, applies 5.25% on income up to $500,000, 6.50% on income from $500,000 to $1,000,000, and 7% on income above $1,000,000
- Adjusts corporate income tax rate from 2.5% to 5% for C Corporations doing business in North Carolina, while maintaining S Corporations' exemption from the tax
- 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 and Operations of the Senate
4/8/2021
Committee Referrals
Rules and Operations of the Senate4/8/2021
Full Bill Text
No bill text available