Bill Summary for S 607 (2015-2016)
Mar 30 2015
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AN ACT TO AMEND THE CONSTITUTION OF NORTH CAROLINA TO PROVIDE FOR TAXPAYER PROTECTIONS THAT LIMIT THE GROWTH OF STATE SPENDING, ESTABLISH A STATE EMERGENCY SAVINGS RESERVE FUND, AND REDUCE THE MAXIMUM OF THE INCOME TAX RATE TO FIVE PERCENT FROM TEN PERCENT.Intro. by Rucho, Meredith, Brock.
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Subject to approval by voters at the statewide general election on November 4, 2016, amends Section 23 to Article II of the North Carolina Constitution to require a two-thirds vote by each house of the General Assembly to pass any legislation that would increase the rate of tax for any state or local income taxes. If approved, effective January 1, 2017, and applies to legislation enacted on or after that date.