-
-
No events on calendar for this bill.
-
Senator Mujtaba A. Mohammed(D)
Senator Valerie P. Foushee(D)
Senator Paul A. Lowe, Jr.(D)
Senator Sydney Batch(D)
Senator Ernestine Bazemore(D)
Senator Sarah Crawford(D)
Senator Michael Garrett(D)
Senator Ralph Hise(R)
Senator Jeff Jackson(D)
Senator Natasha R. Marcus(D)
Senator Julie Mayfield(D)
Senator Natalie S. Murdock(D)
Senator Wiley Nickel(D)
Senator DeAndrea Salvador(D)
Senator Joyce Waddell(D)
Senator Mike Woodard(D)
-
Ref To Com On Rules and Operations of the SenateSenate | 2021-03-08Passed 1st ReadingSenate | 2021-03-08FiledSenate | 2021-03-04
-
PUBLIC
TAX CREDITS
TAXATION
TAXES
INDIVIDUAL INCOME
FAMILY ISSUES
-
105 (Chapters); 105-151.31 (Sections)
-
No counties specifically cited.
-
-
-
S181: Reinstate Earned Income Tax Credit. Latest Version
Session: 2021 - 2022
AN ACT to reenact the earned income tax credit.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑151.31 is reenacted as it existed immediately before its expiration and reads as rewritten:
§ 105‑151.31. Earned income tax credit.
(a) Credit. – An individual who claims for the taxable year an earned income tax credit under section 32 of the Code is allowed a credit against the tax imposed by this Part equal to a percentage five percent (5%) of the amount of credit the individual qualified for under section 32 of the Code. A nonresident or part‑year resident who claims the credit allowed by this section must reduce the amount of the credit by multiplying it by the fraction calculated under G.S. 105‑134.5(b) or (c), as appropriate. The percentage is as follows:
(1) For taxable year 2013, four and one‑half percent (4.5%).
(2) For all other taxable years, five percent (5%).
(b) Credit Refundable. – If the credit allowed by this section exceeds the amount of tax imposed by this Part for the taxable year reduced by the sum of all credits allowable, the Secretary must refund the excess to the taxpayer. The refundable excess is governed by the provisions governing a refund of an overpayment by the taxpayer of the tax imposed in this Part. Section 3507 of the Code, Advance Payment of Earned Income Credit, does not apply to the credit allowed by this section. In computing the amount of tax against which multiple credits are allowed, nonrefundable credits are subtracted before refundable credits.
(c) Sunset. – This section is repealed effective for taxable years beginning on or after January 1, 2014.2025.
SECTION 2. This act is effective for taxable years beginning on or after January 1, 2021.