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 5.25%, 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%.
Effective for taxable years beginning on or after January 1, 2021.
A TAX PLAN FOR A JUST RECOVERY.
Printer-friendly: Click to view
View NCGA Bill Details | 2021 |
AN ACT TO ENACT A TAX PLAN FOR A JUST RECOVERY.Intro. by Morey, Autry, Butler, Harrison.
Status: Ref To Com On Rules, Calendar, and Operations of the House (House action) (Apr 15 2021)
Bill History:
-
Tue, 13 Apr 2021 House: Filed
-
Thu, 15 Apr 2021 House: Passed 1st Reading
-
Thu, 15 Apr 2021 House: Ref To Com On Rules, Calendar, and Operations of the House
H 556
Bill Summaries:
-
Bill H 556 (2021-2022)Summary date: Apr 13 2021 - View Summary
View: All Summaries for Bill