MODIFY REFUNDABILITY OF EITC.

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View NCGA Bill Details(link is external)2011-2012 Session
House Bill 93 (Public) Filed Tuesday, February 15, 2011
TO MODIFY THE REFUNDABILITY PROVISION OF THE EARNED INCOME TAX CREDIT.
Intro. by Howard, Setzer, Brubaker, Starnes.
Status: Ch. SL 2011-293 (House Action) (Jun 24 2011)

Bill History:

H 93/S.L. 2011-293

Bill Summaries:

  • Bill H 93/SL 2011-293 (2011-2012)
    Summary date: Jun 30 2011 - View Summary

    AN ACT TO ALLOW A SELLER TO APPLY OVERCOLLECTED SALES TAX TO OFFSET A USE TAX LIABILITY ON A RELATED TRANSACTION. Summarized in Daily Bulletin 6/9/11. Enacted June 24, 2011. Effective July 1, 2011.

    Tax
  • Bill H 93 (2011-2012)
    Summary date: Jun 9 2011 - View Summary

    House committee substitute makes the following changes to 1st edition. Deletes all provisions of the previous edition and replaces them with AN ACT TO ALLOW A SELLER TO APPLY OVERCOLLECTED SALES TAX TO OFFSET A USE TAX LIABILITY ON A RELATED TRANSACTION. Rewrites GS 105-164.11(a) to provide that when tax is collected for any period on any taxable sale in excess of the total amount that should have been collected or is collected on an exempt or nontaxable sale, the total amount collected must be remitted to the Secretary of Revenue (Secretary). Provides and details options for the Secretary to take if he or she determines that the seller overcollected the sales tax on a transaction. Makes conforming changes. Effective July 1, 2011, and applies to tax liabilities that accrue on or after that date.

    Tax
  • Bill H 93 (2011-2012)
    Summary date: Feb 15 2011 - View Summary

    Deletes the provisions of GS 105-151.31(b) (concerning refundability of earned income tax credit) and replaces with new Limitations provision. Provides that the earned income tax credit allowed under the statute may not exceed the amount of individual income tax imposed for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the taxpayer. Current law directs the Secretary of Revenue to refund any excess to the taxpayer, if the earned income tax credit allowed under the statute exceeds the individual income tax imposed for the taxable year, reduced by the sum of all credits allowable. Effective for taxable years beginning on or after January 1, 2011.

    Tax
    GS 105
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