Bill Summaries: H499 (2021)

  • Summary date: Apr 8 2021 - View summary

    Identical to S 576, filed 4/6/21.

    Includes whereas clauses. Reenacts GS 105-151.31 as it existed immediately before its expiration (expiration effective for taxable years beginning on or after January 1, 2014). Recodifies the statute as GS 105-153.11, with the following changes. Provides for an earned income tax credit in the amount of 20% of the amount of earned income tax credit the individual qualified for under section 32 of the Internal Revenue Code (previously provided for a 4.5% or 5% credit determined by taxable year). Provides for reduction of the credit for nonresident and part-year resident taxpayers under updated statutory cross-reference, as appropriate. Eliminates an outdated provision referencing a since repealed section of the Code. Eliminates the sunset provision. Effective for taxable years beginning on or after January 1, 2021.