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View NCGA Bill Details2023-2024 Session
Senate Bill 390 (Public) Filed Tuesday, March 28, 2023
Intro. by Chaudhuri, Smith, Garrett.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 29 2023)

Bill History:

S 390

Bill Summaries:

  • Summary date: Mar 28 2023 - View Summary

    Identical to H 514, filed 3/28/23.

    Amends GS 105-153.10, which provides for the the state child tax credit. Defines qualifying child by reference to the Internal Revenue Code (Code). Eliminates the provisions which require the taxpayer to be permitted a federal tax credit as a qualifying condition to the state child tax credit. Increases the credit amount, ranging from $125 to $250 depending on filing status (was, $100 to $125). Updates the statutory cross-reference regarding the calculation of state taxable income. Prohibits married individuals who file separate returns from collectively claiming more than the maximum credit allowed under a joint return. Eliminates the provision that prohibits the credit allowed from exceeding the amount of individual income tax imposed by the Part 2, Article 4, for the taxable year reduced by the sum of all credits allowed, excluding payments made by or on behalf of the taxpayer. Instead, enacts new provisions that allow the credit to exceed the amount of individual income tax imposed for the taxable year reduced by the sum of all credits allowable, and requires the Secretary of the Department of Revenue to issue a refund of the excess to the taxpayer. Provides for refunds and computation of allowable credits, with nonrefundable credits subtracted before refundable credits. Effective for taxable years beginning on or after January 1, 2023.