Plain English Summary
This bill restores North Carolina's Earned Income Tax Credit (EITC), which expired in 2014. The credit would allow working families to receive a state tax credit equal to 20% of the federal EITC they qualify for, with excess credits refunded to taxpayers, effective for tax years beginning January 1, 2025.
Arguments in Favor
Supporters argue this bill helps working families afford basic necessities like food, housing, and childcare during a time of rising costs. They point to research showing the EITC improves financial security and self-sufficiency, and note that the credit directly benefits low-to-moderate income families with children who are already working but earning modest incomes.
Arguments Against
Opponents may argue that reinstating the credit creates new state spending or reduces tax revenue at a time when the state budget has other priorities. They might also question whether the 20% credit level is the most efficient use of state resources, or whether the funds could better address cost-of-living challenges through other means such as broader tax cuts or targeted assistance programs.
AI-generated analysis based on bill text. Always verify with official sources at ncleg.gov. This is not legal or political advice.
Sponsors
Primary Sponsor
Representative · District 56
Primary Sponsor
Representative · District 8
Primary Sponsor
Representative · District 34
Primary Sponsor
Representative · District 115
Cosponsors (38)
Representative · District 102
Representative · District 61
Representative · District 48
Representative · District 54
Representative · District 60
Representative · District 49
Representative · District 88
Representative · District 58
Representative · District 18
Representative · District 30
Representative · District 11
Representative · District 31
Representative · District 104
Representative · District 101
Representative · District 99
Representative · District 36
Representative · District 29
Representative · District 66
Representative · District 72
Representative · District 92
Representative · District 71
Representative · District 103
Representative · District 41
Representative · District 45
Representative · District 2
Representative · District 21
Representative · District 50
Representative · District 114
Representative · District 57
Representative · District 32
Representative · District 100
Representative · District 42
Representative · District 98
Representative · District 33
Representative · District 112
Representative · District 27
Representative · District 24
Representative · District 40