Includes whereas clauses. Reenacts GS 105-151.31 as it existed immediately before its expiration (expiration effective for taxable years beginning on or after January 1, 2014). Recodifies the statute as GS 105-153.11, with the following changes. Provides for an earned income tax credit in the amount of 20% of the amount of earned income tax credit the individual qualified for under section 32 of the Internal Revenue Code (previously, provided for a 4.5% or 5% credit determined by taxable year). Provides for reduction of the credit for nonresident and part-year resident taxpayers under updated statutory cross-reference, as appropriate. Eliminates an outdated provision referencing a since repealed section of the Code. Eliminates the sunset provision. Effective for taxable years beginning on or after January 1, 2022.
Bill Summaries: H 1083 RECOVERY REBATE FOR WORKING FAMILIES ACT.
Bill H 1083 (2021-2022)Summary date: May 26 2022 - View Summary