Includes whereas clauses.
Enacts new GS 105-129.16K, allowing a tax credit to an eligible small business that hires an employee who is a North Carolina resident. Defines an eligible small business as a business, other than an eligible restaurant, with cumulative gross receipts from business activity for the taxable year not in excess of $1 million, that has fewer than 99 employees, and is subject to income tax. Sets out the formula for calculating the amount of the credit, which is based on whether an employee is full time or part time.
Allows an eligible restaurant that hires a delivery driver who is a North Carolina resident a tax credit and sets out the formula for calculating the amount of the credit, based upon whether the driver is full time or part time. Defines eligible restaurant as a restaurant properly registered and licensed to do business as a restaurant in the state that is subject to income tax.
Effective for taxable years beginning on or after January 1, 2021, and expires for taxable years beginning on or after January 1, 2022.
Bill S 512 (2021-2022)Summary date: Apr 5 2021 - View summary