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 Details2021
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.