NC S304

Reenacts North Carolina's state Earned Income Tax Credit (EITC), which expired after the 2013 tax year

Sets the state credit at 10% of the federal EITC amount a taxpayer qualifies for under Internal Revenue Code Section 32

Makes the credit refundable, meaning taxpayers receive the excess as a refund if the credit exceeds their state tax liability

Requires nonresidents and part-year residents to reduce the credit proportionally based on their North Carolina income fraction

Effective for taxable years beginning on or after January 1, 2025