Imposes a 7% tax on North Carolina taxable income exceeding $1 million, with proceeds going to the State Public School Fund.

The Fair Share for Public Schools Act imposes a 7% tax on North Carolina taxable income exceeding $1 million. This tax is levied, collected, and paid annually. The collected taxes, minus administrative expenses, are distributed to the State Public School Fund. The fund then allots the money to local school administrative units on a per pupil basis. The act is effective for taxable years beginning on or after January 1, 2026.

Imposes a 7% tax on North Carolina taxable income exceeding $1 million, with proceeds going to the State Public School Fund.

The Fair Share for Public Schools Act imposes a 7% tax on North Carolina taxable income exceeding $1 million. This tax is levied, collected, and paid annually. The collected taxes, minus administrative expenses, are distributed to the State Public School Fund. The fund then allots the money to local school administrative units on a per pupil basis. The act is effective for taxable years beginning on or after January 1, 2026.