Amends GS 105-134.2(a) to tax the following individuals at a rate of 8.5%: (1) married individuals who file a joint return and certain surviving spouses with taxable income over $1 million; (2) heads of households with taxable income over $800,000; (3) unmarried individuals with taxable income over $600,000; and (4) married individuals not filing a joint return with taxable income over $500,000. Makes conforming changes. Effective for taxable years beginning on or after January 1, 2012.
Provides that the temporary increase in tax rates for taxpayers at the specified taxable income levels sunsets effective for taxable years beginning on or after January 1, 2014, thereby returning rates for the specified taxpayers to the tax rate preexisting the temporary increase.