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NC S883
Bill
Status
Introduced
5/26/2022
Primary Sponsor
Michael Garrett
Click for details
AI Summary
- Reenacts North Carolina's earned income tax credit (EITC) by changing the sunset date from January 1, 2014 to January 1, 2024
- Allows individuals claiming the federal EITC under Internal Revenue Code section 32 to claim a state credit equal to 5% of their federal credit amount (4.5% for tax year 2013)
- Makes the state EITC refundable, meaning taxpayers can receive any excess credit that exceeds their tax liability as a refund
- Applies the credit proportionally for nonresidents and part-year residents based on their North Carolina income ratio
- Effective for taxable years beginning on or after January 1, 2022
Legislative Description
Income Protection Act
Public
Last Action
Ref To Com On Rules and Operations of the Senate
5/27/2022
Committee Referrals
Rules and Operations of the Senate5/27/2022
Full Bill Text
No bill text available