Modifies the income tax rate reduction trigger in North Carolina.

The bill modifies the income tax rate reduction trigger in North Carolina. If total General Fund revenue exceeds specified trigger amounts, the tax rate will decrease by half a percentage point or be set at 2.49%, whichever is greater. This change applies to taxable years beginning on or after January 1, 2029. The bill references the significant damage caused by recent hurricanes as a reason for the modification.

Modifies the income tax rate reduction trigger in North Carolina.

The bill modifies the income tax rate reduction trigger in North Carolina. If total General Fund revenue exceeds specified trigger amounts, the tax rate will decrease by half a percentage point or be set at 2.49%, whichever is greater. This change applies to taxable years beginning on or after January 1, 2029. The bill references the significant damage caused by recent hurricanes as a reason for the modification.