Bill Text: NC S1155 | 2010 | Regular Session | Amended
Bill Title: Reduce Corporate Income Tax
Spectrum: Partisan Bill (Republican 9-0)
Status: (Introduced - Dead) 2010-05-17 - Ref To Com On Finance [S1155 Detail]
Download: North_Carolina-2010-S1155-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2009
S 1
SENATE BILL 1155
Short Title: Reduce Corporate Income Tax. |
(Public) |
|
Sponsors: |
Senators Forrester; Allran, Bingham, Blake, Brock, Brown, Jacumin, Rouzer, and Tillman. |
|
Referred to: |
Finance. |
|
May 17, 2010
A BILL TO BE ENTITLED
AN ACT to reduce the corporate income tax rate.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑130.3 reads as rewritten:
A tax is imposed on the State net income of every C
Corporation doing business in this State. An S Corporation is not subject to
the tax levied in this section. The tax is a percentagesix and four‑tenths
percent (6.4%) of the taxpayer's State net income computed as follows:
Income Years Beginning Tax
In 1997 7.5%
In 1998 7.25%
In 1999 7%
After 1999 6.9%.income."
SECTION 2. G.S. 115C‑546.1(b) reads as rewritten:
"(b) Each calendar quarter, the Secretary of
Revenue shall remit to the State Treasurer for credit to the Public School
Building Capital Fund an amount equal to the applicable fraction provided in
the table below five sixty‑fourths of the net collections
received during the previous quarter by the Department of Revenue under G.S. 105‑130.3.
All funds deposited in the Public School Building Capital Fund shall be
invested as provided in G.S. 147‑69.2 and G.S. 147‑69.3.
Period Fraction
10/1/97 to 9/30/98 One‑fifteenth
(1/15)
10/1/98 to 9/30/99 Two
twenty‑ninths (2/29)
10/1/99 to 9/30/00 One‑fourteenth
(1/14)
After 9/30/00 Five
sixty‑ninths (5/69)"
SECTION 3. Section 1 of this act is effective for taxable years beginning on or after January 1, 2010. Section 2 of this act is effective July 1, 2010, and applies to the calendar quarter that ends September 30, 2010. The remainder of this act is effective when it becomes law.