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NC H711

Bill

Official Source

Status

Introduced

4/2/2025

Primary Sponsor

Jordan Lopez

Click for details

Origin

House of Representatives

2025-2026 Session

AI Summary

  • Repeals the scheduled phaseout of North Carolina's corporate income tax, which was set to decrease from 2.25% (2025) to 2% (2026), 1% (2028), and 0% (after 2029)
  • Fixes the corporate income tax rate permanently at 2.25% for C Corporations doing business in the state
  • S Corporations remain exempt from the corporate income tax
  • Effective for taxable years beginning on or after January 1, 2026
  • Sponsored in response to Hurricane Helene recovery needs in western North Carolina, citing the need for revenue to support disaster recovery efforts

Legislative Description

Recovery Support Via Revenue Stabilization

Public

Last Action

Ref To Com On Rules, Calendar, and Operations of the House

4/3/2025

Committee Referrals

Rules, Calendar, and Operations of the House4/3/2025

Full Bill Text

No bill text available