Bill Text: NC H549 | 2015-2016 | Regular Session | Amended

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Bill Title: Tax Restoration Act

Spectrum: Partisan Bill (Democrat 13-0)

Status: (Introduced - Dead) 2015-04-06 - Ref To Com On Rules, Calendar, and Operations of the House [H549 Detail]

Download: North_Carolina-2015-H549-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2015

H                                                                                                                                                    1

HOUSE BILL 549

 

 

Short Title:        Tax Restoration Act.		(Public)
Sponsors:	Representatives Brockman, Harrison, Insko, and Luebke (Primary Sponsors). For a complete list of Sponsors, refer to the North Carolina General Assembly Web Site.
Referred to:	Rules, Calendar, and Operations of the House.

April 6, 2015

A BILL TO BE ENTITLED

AN ACT to restore certain personal income tax rates to previous levels.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑153.7(a) reads as rewritten:

"(a)       Tax. – A tax is imposed for each taxable year on the North Carolina taxable income of every individual. The tax shall be levied, collected, and paid annually. The tax is five and seventy‑five hundredths percent (5.75%) of the taxpayer's North Carolina taxable income.annually and shall be computed at the following percentages of the taxpayer's North Carolina taxable income.

                                             Over                                  Up To                                            Rate

                                                 ‑0‑                            $1,000,000                                           5.75%

                                      $1,000,000                                     N/A                                           7.75%"

SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2015.