A BILL TO BE ENTITLED
AN ACT to enact a tax plan for a just recovery.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑153.7(a) reads as rewritten:
"(a)	Tax. – A tax is imposed for each taxable year on the North Carolina taxable income of every individual. The tax shall be levied, collected, and paid annually and shall be computed at the following percentages of the taxpayer's North Carolina taxable income:
(1)	For married, filing jointly, and surviving spouses:
Over	Up To	Rate
‑0‑	$500,000	5.15%
$500,000	$1,000,000	6.50%
$1,000,000	N/A	7%
(2)	For heads of household:
Over	Up To	Rate
‑0‑	$375,000	5.15%
$375,000	$750,000	6.50%
$750,000	N/A	7%
(3)	For single:
Over	Up To	Rate
‑0‑	$250,000	5.15%
$250,000	$500,000	6.50%
$500,000	N/A	7%
(4)	For married, filing separately:
Over	Up To	Rate
‑0‑	$250,000	5.15%
$250,000	$500,000	6.50%
$500,000	N/A	7%."
SECTION 2.  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 the rate of five and one‑quarter percent (5.25%). An S Corporation is not subject to the tax levied in this section."
SECTION 3.  This act is effective for taxable years beginning on or after January 1, 2021.