AN ACT TO ENACT A TAX PLAN FOR A JUST RECOVERY.
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.
© 2021 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.