GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 79

Short Title:  Lower Corporate Income Tax.	(Public)

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Sponsors: Senators Kincaid, Cochrane, McDaniel, Webster; Carrington, Carpenter, and Foxx.

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Referred to:  Finance.

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January 30, 1995

A BILL TO BE ENTITLED
AN ACT TO LOWER THE CORPORATE INCOME TAX RATE FROM 7.75% TO 7%.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.3 reads as rewritten:
"§ 105-130.3.  Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State at seven percent (7%) of the corporation's State net income.  An S Corporation is not subject to the tax levied in this section."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1995.