Bill Summary for H 556 (2021-2022)

Summary date: 

Apr 13 2021

Bill Information:

View NCGA Bill Details2021
House Bill 556 (Public) Filed Tuesday, April 13, 2021
AN ACT TO ENACT A TAX PLAN FOR A JUST RECOVERY.
Intro. by Morey, Autry, Butler, Harrison.

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Bill summary

Revises the individual income tax rate set forth in GS 105-153.7, which currently sets a flat rate at 5.25%, as follows. Sets individual income tax rates based on taxpayer status and income, with tax rates set at 5.25%, 6.5,% and 7% within each taxpayer status, with the rate determined by the taxpayer's income within the ranges provided. 

Increases the corporate income tax rate under GS 105-130.3 for C Corporations from 2.5% to 5%.

Effective for taxable years beginning on or after January 1, 2021. 

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