NC H514

Reenacts G.S. 105-153.10 to restore a state child tax credit for qualifying children as defined by federal tax code section 152(c).

Provides tiered credit amounts based on filing status and adjusted gross income: married filing jointly up to $40,000 AGI receive $250, over $40,000 to $100,000 receive $125, and over $100,000 receive $0.

Head of household, single, and married filing separately filers receive the same credit structure with lower AGI thresholds proportional to their filing status.

Makes the credit partially refundable, requiring the Secretary to refund any excess credit amount above the taxpayer's tax liability after all other credits are applied.

Takes effect for taxable years beginning on or after January 1, 2023.