Includes whereas clauses.

Amends GS 105-153.7 to set the individual income tax rate at 4.25% (was, 4.25% in 2025 and 3.99% for taxable years beginning after 2025). Makes conforming deletions. Also removes the provision providing that if total General Fund revenue, as specified, exceeds the trigger amount listed, then the applicable tax rate is equal to the greater of (1) the prior taxable year's rate decreased by 0.50%, or (2) 2.49%.

Effective for taxable years beginning on or after January 1, 2029, further amends GS 105-153.7, to provide that notwithstanding the 4.25% rate, if total General Fund revenue, as specified, exceeds the trigger amount listed, then the applicable tax rate is equal to the greater of (1) the prior taxable year's rate decreased by 0.50% or (2) 2.49% (the trigger amounts are the same as those already listed in the statute, which were removed by the above provision).