Re-enacts GS 105-151.31, the "Earned Income Tax Credit," as it existed immediately before its expiration. Requires an individual who is a nonresident or part-year resident who claims the credit under this statute to reduce the amount of the credit by multiplying it by the appropriate fraction: (1) for the 2016 taxable year the percentage is 2.5% and (2) for all other taxable years, the percentage is 5%.
Provides that this statute is repealed for taxable years beginning on or after January 1, 2020.
Effective for taxable years beginning on or after January 1, 2016.
Bill S 757 (2015-2016)Summary date: Apr 26 2016 - View summary