A BILL TO BE ENTITLED
AN ACT to reduce the corporate income tax rate in north carolina.
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
				Before 2011	6.9%
In or after 2011	4.75%."
SECTION 2.  G.S. 115C‑546.1(b) reads as rewritten:
"(b)	Each calendar quarter, the Secretary of Revenue shall remit to the State Treasurer for credit to the Public School Building Capital Fund an amount equal to the applicable fraction provided in the table below of the net collections received during the previous quarter by the Department of Revenue under G.S. 105‑130.3. All funds deposited in the Public School Building Capital Fund shall be invested as provided in G.S. 147‑69.2 and G.S. 147‑69.3.
Period	Fraction
			10/1/00 to 9/30/11	Five sixty‑ninths (5/69)
After 10/1/11	One ninety‑fifth (1/95)"
SECTION 3.  Section 1 of this act is effective for taxable years beginning on or after January 1, 2011.  Section 2 of this act becomes effective July 1, 2011, and applies to the calendar quarter that ends September 30, 2011.  The remainder of this act is effective when it becomes law.