Bill > S233

This bill aims to repeal a specific section (Section 42.2) of a previous law (S.L. 2021-180) that likely related to phasing out corporate income taxes. By repealing this section, the bill effectively halts or reverses the planned gradual reduction of corporate tax rates that was previously established. The bill is straightforward, consisting of two sections: the first repeals the specified section of the prior law, and the second declares that the act becomes effective immediately upon becoming law. While the government-provided summary indicates this is an act to "REPEAL THE CORPORATE INCOME TAX PHASEOUT", the bill text itself does not provide additional details about the specific tax rates or mechanisms being affected. The bill appears designed to maintain current corporate tax levels by stopping a previously planned reduction in corporate income tax rates.

https://www.ncleg.gov/BillLookUp/2025/S233