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 5.25%, 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%.

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