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NC H479
Bill
Status
Introduced
3/23/2023
Primary Sponsor
Wesley Harris
Click for details
AI Summary
- Reenacts North Carolina's earned income tax credit that had expired, allowing individuals who claim the federal earned income tax credit under Internal Revenue Code Section 32 to receive a state credit equal to 20% of their federal credit amount
- Makes the state credit refundable, meaning taxpayers can receive a refund if the credit exceeds their tax liability after all other credits are applied
- Reduces the credit amount for nonresidents and part-year residents by multiplying it by their income allocation fraction
- Effective for taxable years beginning on or after January 1, 2023
- Intended to provide financial support to working families facing rising costs for housing, child care, and basic necessities following the COVID-19 pandemic
Legislative Description
Recovery Rebate for Working Families Act
Individual Income; Family Issues
Last Action
Ref To Com On Rules, Calendar, and Operations of the House
3/28/2023
Committee Referrals
Rules, Calendar, and Operations of the House3/28/2023
Full Bill Text
No bill text available