Bill Summaries: S651 TAX RELIEF FOR ALL.

Printer-friendly: Click to view
Tracking:
  • Summary date: Apr 6 2023 - View Summary

    Amends GS 105-153.7(a) by reducing state individual income tax rates. Taxes set as a percentage of taxable income are as follows: (1) for 2023, lowered from 4.75% to 4.5%; (2) for 2024, lowered from 4.6% to 3.99%; (3) for 2025, lowered from 4.5% to 3.49%; (4) for 2026, lowered from 4.25% to 2.99%; and (5) after 2026, lowered from 3.99% to 2.49%. Effective for taxable years beginning on or after January 1, 2023.