NC S479

Adds a new tax credit under North Carolina income tax law for eligible small businesses that hire North Carolina residents as employees.

Small business credit provides $7,500 maximum for full-time qualifying employees (35+ hours per week) and $3,750 for part-time employees (20-34 hours per week), prorated based on weeks worked.

Restaurant credit provides $3,500 maximum for full-time delivery drivers and $1,750 for part-time delivery drivers hired by eligible restaurants, prorated based on weeks worked.

Applies to businesses with cumulative gross receipts not exceeding $1,000,000 annually, fewer than 99 employees, and subject to North Carolina income tax.

Effective for taxable years beginning January 1, 2023, and expires for taxable years beginning January 1, 2024.