Bill Summary for H 1073 (2025-2026)
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Summary date:
Apr 28 2026
Bill Information:
| View NCGA Bill Details | 2025-2026 Session |
AN ACT TO IMPOSE A SEVEN PERCENT INCOME TAX ON INCOME THAT EXCEEDS ONE MILLION DOLLARS AND TO DISTRIBUTE THOSE PROCEEDS TO THE PUBLIC SCHOOL FUND.Intro. by Buansi, Prather, Baker, R. Pierce.
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Bill summary
Amends GS 105-153.7 to establish a 7% annual income tax on individual income in excess of $1 million. Excludes this tax rate from the statute's rate reduction trigger. Requires distribution of collections to the State Public School Fund for allotment by the State Board of Education to local school administrative units on a per pupil basis, less administrative expenses of collection up to $100,000, as specified. Effective for taxable years beginning on or after January 1, 2026.