Bill Summaries: S651 (2023-2024 Session)

Tracking:
  • Bill S 651 (2023-2024)
    Summary date: Apr 6 2023 - View summary

    Amends GS 105-153.7(a) by reducing state individual income tax rates. Taxes set as a percentage of taxable income are as follows: (1) for 2023, lowered from 4.75% to 4.5%; (2) for 2024, lowered from 4.6% to 3.99%; (3) for 2025, lowered from 4.5% to 3.49%; (4) for 2026, lowered from 4.25% to 2.99%; and (5) after 2026, lowered from 3.99% to 2.49%. Effective for taxable years beginning on or after January 1, 2023. 
    Government, Tax
    GS 105

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