Loading chat...
NC S816
Bill
AI Summary
- Reenacts G.S. 105-151.31 to restore the Earned Income Tax Credit in North Carolina, which had previously expired
- Allows individuals claiming the federal earned income tax credit under section 32 of the Internal Revenue Code to claim a state credit equal to 5% of the federal credit amount (4.5% for tax year 2013)
- Makes the credit refundable, meaning the Secretary of Revenue must refund any excess credit that exceeds the taxpayer's total tax liability
- Extends the sunset date from January 1, 2014 to January 1, 2028, keeping the credit in effect for 14 additional years
- Effective for taxable years beginning on or after January 1, 2024
Legislative Description
Reenact Earned Income Tax Credit
Individual Income
Last Action
Ref To Com On Rules and Operations of the Senate
5/6/2024
Committee Referrals
Rules and Operations of the Senate5/6/2024
Full Bill Text
No bill text available