Revises the individual income tax rate set forth in GS 105-153.7, which currently sets a flat rate at 5.25%, as follows. Sets individual income tax rates based on taxpayer status and income, with tax rates set at 5.15%, 6.5,% and 7% within each taxpayer status, with the rate determined by the taxpayer's income within the ranges provided.
Increases the corporate income tax rate under GS 105-130.3 for C Corporations from 2.5% to 5.25%.
Effective for taxable years beginning on or after January 1, 2021.
Bill Summaries: S625 (2021)
Bill S 625 (2021-2022)Summary date: Apr 7 2021 - View summary