Amends GS 105-130.3, which lists the corporate tax rate, to add that the tax rate for income years beginning before 2011 is 6.9%, and the tax rate for income years beginning in or after 2011 is 4.75%. Makes a conforming change to delete the previously listed tax rates. Effective for taxable years beginning on or after January 1, 2011.
Amends GS 115C-546.1(b) to modify the amount credited to the Public School Building Capital Fund each calendar quarter from collections received by the Department of Revenue as follows: 5/69 of the net collections for October 1, 2000, through September 30, 2011, and 1/95 of the net collections after October 1, 2011. Makes a conforming change to delete the previously listed fractions and time periods. Effective July 1, 2011, and applies to the calendar quarter that ends September 30, 2011.