Bill Summary for S 896 (2021-2022)

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Bill: ELIMINATE PHASEOUT OF CORPORATE INCOME TAX.

Summary date: 

May 31 2022

Bill Information:

View NCGA Bill Details(link is external)2021
Senate Bill 896 (Public) Filed Thursday, May 26, 2022
AN ACT TO MAINTAIN THE CORPORATE INCOME TAX AT THE CURRENT RATE.
Intro. by Nickel, Murdock.

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Bill summary

Repeals Section 42.2 of SL 2021-180, which phased out the corporate income tax beginning in 2025 until it reached 0% in 2029.

Appropriates $50,000 from the General Fund to the Department of Revenue to notify corporate taxpayers of the change.