S555 - Working Families Act

• Reduces subsidized child care copayments from 10% to 7% of gross family income, effective July 1, 2023

• Increases state minimum wage to $15.00 per hour on Labor Day 2023 and allows local governments to set higher local minimum wages

• Reenacts state child tax credit providing $125-$250 per dependent child based on filing status and adjusted gross income, effective for taxable years beginning January 1, 2023

• Creates Homebuyers' Assistance Program through North Carolina Housing Finance Agency providing up to $25,000 or 10% of purchase price for down payment and mortgage insurance assistance to first-time homebuyers who work as public servants, with $150 million appropriated for 2023-2024

• Enacts North Carolina Paid Family Leave Insurance Act effective January 1, 2024 providing 12-26 weeks of paid leave for qualifying events (childbirth, family care, serious health conditions, military service), with benefits replacing 90% of average weekly wage up to state average, funded by employer contributions and $49 million in appropriations to offset employer costs