RESCIND INCOME TAX CUT FOR MILLIONAIRES.

View NCGA Bill Details2013-2014 Session
House Bill 1210 (Public) Filed Tuesday, May 27, 2014
AN ACT TO RESCIND THE INCOME TAX RATE REDUCTION FOR MILLIONAIRES AND OTHER HIGH-INCOME TAXPAYERS.
Intro. by Luebke, Earle, Insko, Lucas.

Status: Ref To Com On Finance (House Action) (May 28 2014)

Bill History:

H 1210

Bill Summaries:

  • Summary date: May 27 2014 - More information

    GS 105-153.7 currently imposes a tax on the North Carolina taxable income of every individual at a rate of 5.8 percent annually. Effective for taxable years beginning on or after January 1, 2014, amends GS 105-153.7(a) to increase the tax rateto 7.75 percent (was, 5.8 percent)on the North Carolina taxable income of individuals based on filing status as follows: (1) married individuals filing jointly under GS 105-153.8 and for surviving spouses as defined in section 2(a) of the Code with taxable income over $1 million; (2) heads of households as defined in section 2(b) of the Code with taxable income over $800,000; (3) unmarried individuals other than surviving spouses and heads of households with taxable income over $600,000; and (4) married individuals who do not file a joint return under GS 105-153.8 with taxable income over $500,000. Amends subsection (b) of this statute to provide that the amounts of the tax determined under the table is to be computed based on the rates as prescribed by subsection (a) of this section as amended in this act.

    Effective for taxable years beginning on or after January 1, 2015, amends GS 105-153.7(a) as amended in Section 1 of this act to make the tax rate 5.75 percent (was, 5.8 percent)on the North Carolina taxable income of individuals based on filing status as follows: (1) married individuals filing jointly under GS 105-153.8 and for surviving spouses as defined in section 2(a) of the Code with taxable income up to $1 million; (2) heads of households as defined in section 2(b) of the Code with taxable income up to $800,000; (3) unmarried individuals other than surviving spouses and heads of households with taxable income up to $600,000; and (4) married individuals who do not file a joint return under GS 105-153.8 with taxable income up to $500,000.

    Repeals Section 1.2 of SL 2013-316 which imposed a tax rate on North Carolina taxable income of 5.75 percent on individual taxpayers, effective on or after January 1, 2015. Effective when this act becomes law.


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