Bill Summary for S 75 (2017-2018)

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Bill: CONST. AMD. - MAX. INCOME TAX RATE OF 7.0% (NEW).

Summary date: 

Feb 14 2017
S.L. 2018-119

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 75 (Public) Filed Tuesday, February 14, 2017
AN ACT TO AMEND THE NORTH CAROLINA CONSTITUTION TO PROVIDE THAT THE MAXIMUM TAX RATE ON INCOMES CANNOT EXCEED SEVEN PERCENT.
Intro. by Tucker, Brock, Tillman.

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Bill summary

Subject to approval by voters at the statewide election on November 6, 2018, amends Section 2 to Article V of the North Carolina Constitution by capping the rate on incomes at 5.5% (currently capped at 10%). If approved, effective for taxable years beginning on or after January 1, 2019.