Bill Summary for S 576 (2021-2022)

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Summary date: 

Apr 6 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 576 (Public) Filed Tuesday, April 6, 2021
AN ACT TO REENACT THE EARNED INCOME TAX CREDIT.
Intro. by deViere, Garrett, Salvador.

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Bill summary

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 Eliminates an outdated provision referencing a since repealed section of the Code.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.