A BILL TO BE ENTITLED AN ACT TO PHASE-IN A REDUCTION OF THE INDIVIDUAL INCOME TAX RATE AND TO DIRECT THE REVENUE LAWS STUDY COMMITTEE TO STUDY AN ELIMINATION OF THE INDIVIDUAL INCOME TAX.
Amends GS 105-134.2(a), providing for phase-ins of reductions to the individual income tax rate. First reductions will become effective January 1, 2014, with the second and third phase of reductions becoming effective on January 1, 2015, and January 1, 2016.
Directs the Revenue Laws Study Committee to study the elimination of the individual income tax as a General Fund revenue source and report its findings and recommendations to the NC General Assembly.
Except as otherwise provided, this act is effective when it becomes law.
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