Bill > S734

This bill reinstates the Earned Income Tax Credit (EITC) in North Carolina, which provides a refundable tax credit to low-income individuals. Specifically, the bill sets the EITC at 5% of the federal EITC amount, and extends the sunset date for the state EITC from 2014 to 2024, allowing the credit to be claimed for tax years beginning on or after January 1, 2020. The EITC is a tax credit designed to supplement the earnings of low-income workers, and making it refundable means that individuals can receive a tax refund even if they do not owe any income tax.