Bill Summaries: S275 (2015-2016 Session)

Tracking:
  • Bill S 275 (2015-2016)
    Summary date: Mar 12 2015 - View summary

    Identical to H 27, filed 1/28/15.

    Re-enacts GS 105-151.31, the "Earned Income Tax Credit," as it existed immediately before its expiration. Requires an individual who is a nonresident or part-year resident who claims the credit under this statute to reduce the amount of the credit by multiplying it by the appropriate fraction: (1) for the 2015 taxable year the percentage is 2.5% and (2) for all other taxable years, the percentage is 5%.

    Provides that this statute is repealed for taxable years beginning on or after January 1, 2019.

    Effective for taxable years beginning on or after January 1, 2015.
    Government, Tax
    GS 105

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