Bill > S461

This bill reenacts the Earned Income Tax Credit (EITC) in North Carolina, which allows individuals who claim the federal EITC to receive a state credit equal to 10% of the federal credit amount. The bill removes the previous sunset provision that would have repealed the state EITC, making it a permanent feature of the state's tax code. The credit is refundable, meaning taxpayers can receive a refund if the credit amount exceeds their state tax liability, and it applies to both full-year residents and part-year residents of North Carolina. The bill is effective for tax years beginning on or after January 1, 2023.