Bill Text: NC S606 | 2015-2016 | Regular Session | Amended

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Bill Title: Tax Law T/C for Constitutional Amendment

Spectrum: Partisan Bill (Republican 4-0)

Status: (Introduced - Dead) 2015-03-30 - Ref To Com On Rules and Operations of the Senate [S606 Detail]

Download: North_Carolina-2015-S606-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2015

S                                                                                                                                                     1

SENATE BILL 606

 

 

Short Title:        Tax Law T/C for Constitutional Amendment.		(Public)
Sponsors:	Senators Rucho, Meredith, Brock (Primary Sponsors); and Rabon.
Referred to:	Rules and Operations of the Senate.

March 30, 2015

A BILL TO BE ENTITLED

AN ACT to amend the income tax laws of the state in anticipation of a constitutional amendment to make clear that the constitutional amendment applies only to the percentage rate of tax imposed and not other changes affecting income tax liability.

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 rate of tax is five and seventy‑five hundredths percent (5.75%) of the taxpayer's North Carolina taxable income."

SECTION 2.  G.S. 105‑130.3 reads as rewritten:

"§ 105‑130.3.  Corporations.

A tax is imposed on the State net income of every C Corporation doing business in this State at theState. The rate of tax is five percent (5%). An S Corporation is not subject to the tax levied in this section."

SECTION 3.  This act is effective when it becomes law.