Bill > S924

This bill reenacts and modifies the Earned Income Tax Credit (EITC) in North Carolina, which is a tax credit for low-to-moderate income working individuals and families. Specifically, it changes the existing law to set the credit at a fixed five percent (5%) of the federal Earned Income Tax Credit amount, removing a previous provision that had different percentages for different years and was set to expire after 2013. The bill also updates references to other tax laws and extends the expiration date of this credit from January 1, 2014, to January 1, 2029, making it effective for taxable years beginning on or after January 1, 2026. The EITC is designed to provide financial relief to those who earn income, and this bill ensures its continued availability and clarifies its calculation and duration.