Bill Summaries: H1076 (2015-2016 Session)

Tracking:
  • Summary date: May 10 2016 - View summary

    Reenacts GS 105-151.31 (earned income tax credit), which provides an individual who claims an income tax credit under section 32 of the Internal Revenue Code (Code) for the taxable year to receive a credit against the tax imposed by the Individual Income Tax Act (Act) as it existed immediately before its specified sunset expiration and recodifies the statute as GS 105-153.11.  Also amends the statute by establishing that the allowable credit against the tax imposed by the Act is to be equal to 10% (was, a percentage of up to 5% based on the taxable year) of the amount of credit the individual qualified for under section 32 of the Code.  Amends the sunset provision to repeal the statute effective for taxable years beginning on or after January 1, 2020.

    Effective for taxable years on or after January 1, 2016.