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No events on calendar for this bill.
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Ref To Com On Rules and Operations of the SenateSenate | 2021-04-08Passed 1st ReadingSenate | 2021-04-08FiledSenate | 2021-04-07
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CORPORATIONS
FOR-PROFIT
CORPORATIONS
NONPROFIT
PUBLIC
TAXATION
TAXES
CORPORATE INCOME
TAXES
INDIVIDUAL INCOME
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105 (Chapters); 105-130.3
105-153.7 (Sections)
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No counties specifically cited.
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S710: A Tax Plan for a Just Recovery. Latest Version
Session: 2021 - 2022
AN ACT to enact a tax plan for a just recovery.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑153.7(a) reads as rewritten:
(a) Tax. – A tax is imposed for each taxable year on the North Carolina taxable income of every individual. The tax shall be levied, collected, and paid annually. The tax is five and one‑quarter percent (5.25%) of the taxpayer's North Carolina taxable income.annually and shall be computed at the following percentages of the taxpayer's North Carolina taxable income:
(1) For married, filing jointly, and surviving spouses:
Over Up To Rate
‑0‑ $500,000 5.25%
$500,000 $1,000,000 6.50%
$1,000,000 N/A 7%
(2) For heads of household:
Over Up To Rate
‑0‑ $375,000 5.25%
$375,000 $750,000 6.50%
$750,000 N/A 7%
(3) For single:
Over Up To Rate
‑0‑ $250,000 5.25%
$250,000 $500,000 6.50%
$500,000 N/A 7%
(4) For married, filing separately:
Over Up To Rate
‑0‑ $250,000 5.25%
$250,000 $500,000 6.50%
$500,000 N/A 7%.
SECTION 2. G.S. 105‑130.3 reads as rewritten:
§ 105‑130.3. Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State at the rate of two and one‑half percent (2.5%). five percent (5%). An S Corporation is not subject to the tax levied in this section.
SECTION 3. This act is effective for taxable years beginning on or after January 1, 2021.