Bill > S816

This bill reenacts the Earned Income Tax Credit (EITC) in North Carolina. The EITC is a refundable tax credit that provides financial assistance to low-to-moderate income working individuals and families. The bill sets the EITC credit at 5% of the federal EITC amount, and extends the credit's sunset date from 2014 to 2028, making it available for North Carolina taxpayers through the 2027 tax year. The bill also clarifies that the credit is refundable, meaning that if the credit amount exceeds the individual's tax liability, the excess will be refunded to the taxpayer.