Deletes the provisions of GS 105-151.31(b) (concerning refundability of earned income tax credit) and replaces with new Limitations provision. Provides that the earned income tax credit allowed under the statute may not exceed the amount of individual income tax imposed for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the taxpayer. Current law directs the Secretary of Revenue to refund any excess to the taxpayer, if the earned income tax credit allowed under the statute exceeds the individual income tax imposed for the taxable year, reduced by the sum of all credits allowable. Effective for taxable years beginning on or after January 1, 2011.