GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 826

Short Title:  Phase Down Corporate Income Tax.	(Public)

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Sponsors: Senators Carrington, McDaniel, East, Davis, Hoyle, Webster, Ballantine, Forrester, Foxx, Carpenter, Warren, Martin of Pitt, Shaw, Perdue, Sherron, Clark, Blackmon, McKoy, and Page.

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Referred to:  Finance

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April 25, 1995

A BILL TO BE ENTITLED
AN ACT TO PHASE DOWN THE CORPORATE INCOME TAX.
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.  An S Corporation is not subject to the tax levied in this section.  The tax is a percentage of the taxpayer's State net income computed as follows:
Income Years Beginning	Tax
In 1996	5.75%
In 1997	3.75%
Thereafter	1.75%".
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1996.