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.
TAX RELIEF FOR ALL.
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| View NCGA Bill Details(link is external) | 2023-2024 Session |
AN ACT TO REDUCE THE INCOME TAX RATE FOR THE STATE OF NORTH CAROLINA.Intro. by Berger, Rabon, P. Newton.
Status: Re-ref to Finance. If fav, re-ref to Rules and Operations of the Senate (Senate action) (Apr 6 2023)
Bill History:
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Wed, 5 Apr 2023 Senate: Filed(link is external)
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Thu, 6 Apr 2023 Senate: Passed 1st Reading(link is external)
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Thu, 6 Apr 2023 Senate: Withdrawn From Com(link is external)
S 651
Bill Summaries:
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Bill S 651 (2023-2024)Summary date: Apr 6 2023 - View Summary
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