Reenacts the Earned Income Tax Credit in North Carolina at a 5% rate for taxable years starting after 2024.
This bill reenacts the Earned Income Tax Credit in North Carolina, allowing a credit against the tax imposed by the state. The credit is 5% of the amount of credit the individual qualified for under federal law, except for 2013 when it is 4.5%. The credit is refundable if it exceeds the tax imposed, and the excess is refunded to the taxpayer. The act is effective for taxable years beginning on or after January 1, 2025.
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- Overview
- Core Provisions
- Implementation
- Impact
- Legal Framework
- Critical Issues
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