Reenacts the Child Tax Credit in North Carolina for taxable years beginning on or after January 1, 2025.
The bill reenacts the Child Tax Credit in North Carolina, effective for taxable years starting on or after January 1, 2025. It allows taxpayers a credit against the tax imposed by the state for each dependent child, mirroring the federal child tax credit. The credit amount varies based on the taxpayer's adjusted gross income and filing status. If the credit exceeds the tax owed, the excess is refunded to the taxpayer.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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