NC S811

Creates a tax credit for North Carolina taxpayers who claim an exemption for a qualifying adult relative under federal law, provided the taxpayer's adjusted gross income is below specified limits.

Credit amounts: $15,000 for qualifying relatives who are U.S. Armed Forces veterans, and $12,000 for all other qualifying relatives.

AGI limits vary by filing status: $150,000 for married filing jointly/surviving spouse, $112,500 for head of household, and $75,000 for single or married filing separately filers.

Nonresident and part-year residents must reduce the credit amount using a calculation under G.S. 105-153.4, and the credit cannot exceed the taxpayer's remaining tax liability after all other credits.

Effective for taxable years beginning January 1, 2024 or later.