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NC S461
Bill
Status
Introduced
3/30/2023
Primary Sponsor
DeAndrea Salvador
Click for details
AI Summary
- Reenacts the Earned Income Tax Credit (EITC) in North Carolina, which had previously expired, and recodifies it as G.S. 105-153.11
- Allows individuals who claim the federal earned income tax credit under section 32 of the Internal Revenue Code to claim a credit equal to 10% of the federal credit amount
- Makes the credit refundable, allowing the Secretary to refund any excess credit that exceeds the taxpayer's tax liability
- Requires nonresidents and part-year residents to reduce the credit by multiplying it by a fraction calculated based on income allocation rules
- Effective for taxable years beginning on or after January 1, 2023
Legislative Description
Reenact EITC
Public; Tax Credits; Taxation; Taxes
Last Action
Ref To Com On Rules and Operations of the Senate
4/3/2023
Committee Referrals
Rules and Operations of the Senate4/3/2023
Full Bill Text
No bill text available