Bill Summary for S 625 (2021-2022)

Printer-friendly: Click to view

Summary date: 

Apr 7 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 625 (Public) Filed Tuesday, April 6, 2021
AN ACT TO ENACT A TAX PLAN FOR A JUST RECOVERY.
Intro. by Nickel, Murdock.

View: All Summaries for BillTracking:

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 5.15%, 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 5.25%.

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