Bill Summary for H 499 (2021-2022)
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View NCGA Bill Details | 2021 |
AN ACT TO REENACT THE EARNED INCOME TAX CREDIT.Intro. by Harris, Cooper-Suggs, Farkas, Lofton.
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Bill summary
Identical to S 576, filed 4/6/21.
Includes whereas clauses. Reenacts GS 105-151.31 as it existed immediately before its expiration (expiration effective for taxable years beginning on or after January 1, 2014). Recodifies the statute as GS 105-153.11, with the following changes. Provides for an earned income tax credit in the amount of 20% of the amount of earned income tax credit the individual qualified for under section 32 of the Internal Revenue Code (previously provided for a 4.5% or 5% credit determined by taxable year). Provides for reduction of the credit for nonresident and part-year resident taxpayers under updated statutory cross-reference, as appropriate. Eliminates an outdated provision referencing a since repealed section of the Code. Eliminates the sunset provision. Effective for taxable years beginning on or after January 1, 2021.