Annual adjustments to NC tax laws near passage
RALEIGH (AP) — North Carolina lawmakers are closer to passing annual tax law changes that also reaffirms that a credit designed to help the working poor will expire next year.
The state Senate gave tentative approval Tuesday to a House bill that runs every year to conform or differentiate state tax law to federal changes. The bill adjusts the state’s version of the federal Earned Income Tax Credit slightly but doesn’t change a previous decision to end the credit, which allows families to collect checks if their credit exceeds what they owe in taxes.
Senators voted mostly along party lines for the bill after a Democratic amendment dealing largely with mortgage insurance premiums and business taxes was defeated.
The bill heads to Gov. Pat McCrory if the Senate approves it again Wednesday.