NC S858

Reenacts G.S. 105-151.31 to restore North Carolina's earned income tax credit, which had previously expired.

Allows individuals who claim the federal earned income tax credit under section 32 of the Internal Revenue Code to claim a state credit equal to 5% of their federal credit amount (4.5% for tax year 2013).

Makes the credit refundable, meaning if the credit exceeds the taxpayer's tax liability, the excess amount will be refunded to the taxpayer.

Changes the sunset date from January 1, 2014 to January 1, 2025, extending the credit's availability for an additional 11 years.

Takes effect for taxable years beginning on or after January 1, 2022.