Bill Summary for S 275 (2015-2016)

Summary date: 

Mar 12 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 275 (Public) Filed Thursday, March 12, 2015
AN ACT TO REENACT THE EARNED INCOME TAX CREDIT.
Intro. by D. Davis, J. Jackson.

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Bill summary

Identical to H 27, filed 1/28/15.

Re-enacts GS 105-151.31, the "Earned Income Tax Credit," as it existed immediately before its expiration. Requires an individual who is a nonresident or part-year resident who claims the credit under this statute to reduce the amount of the credit by multiplying it by the appropriate fraction: (1) for the 2015 taxable year the percentage is 2.5% and (2) for all other taxable years, the percentage is 5%.

Provides that this statute is repealed for taxable years beginning on or after January 1, 2019.

Effective for taxable years beginning on or after January 1, 2015.

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