Bill Summary for S 920 (2023-2024)
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Summary date:
Dec 2 2024
Bill Information:
| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO AMEND THE NORTH CAROLINA CONSTITUTION TO PROVIDE THAT THE MAXIMUM TAX RATE ON INCOMES CANNOT EXCEED FIVE PERCENT.Intro. by Berger, Rabon, P. Newton.
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Bill summary
Subject to approval by voters at the statewide general election on November 3, 2026, amends Section 2 to Article V of the North Carolina Constitution by decreasing the cap on income tax from seven to five percent. If approved, applicable to taxable years beginning on or after January 1, 2027.