S.1016

North Carolina S1016 imposes a 7% income tax on income exceeding $1 million, with proceeds funding the Public School Fund.

North Carolina S1016, the Fair Share for Public Schools Act, introduces a 7% income tax on North Carolina taxable income exceeding $1 million. The tax applies to each taxable year and is collected annually. The Secretary of Revenue retains up to $100,000 per year for administrative costs. 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, as mandated by the North Carolina Constitution.