Bill Summary for S 651 (2023-2024)
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Bill: TAX RELIEF FOR ALL.
Summary date:
Apr 6 2023
Bill Information:
| View NCGA Bill Details | 2023-2024 Session |
AN ACT TO REDUCE THE INCOME TAX RATE FOR THE STATE OF NORTH CAROLINA.Intro. by Berger, Rabon, P. Newton.
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Bill summary
Amends GS 105-153.7(a) by reducing state individual income tax rates. Taxes set as a percentage of taxable income are as follows: (1) for 2023, lowered from 4.75% to 4.5%; (2) for 2024, lowered from 4.6% to 3.99%; (3) for 2025, lowered from 4.5% to 3.49%; (4) for 2026, lowered from 4.25% to 2.99%; and (5) after 2026, lowered from 3.99% to 2.49%. Effective for taxable years beginning on or after January 1, 2023.