North Carolina HB 711: Black and Native American History Education.

Bill Text

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 1
HOUSE BILL 711

Short Title: Recovery Support Via Revenue Stabilization. (Public)
Sponsors: Representatives Lopez, Rubin, T. Brown, and Ager (Primary Sponsors).
For a complete list of sponsors, refer to the North Carolina General Assembly web site.
Referred to: Rules, Calendar, and Operations of the House
April 3, 2025
*H711-v-1*
A BILL TO BE ENTITLED 1
AN ACT TO REPEAL THE CORPORATE INCOME TAX PHASEOUT. 2
Whereas, North Carolina has been consistently ranked as one of the top states for 3
business; and 4
Whereas, North Carolina fosters a pro-business environment, fueled by the lowest 5
corporate income tax in the United States, out of all states that levy a corporate income tax; and 6
Whereas, North Carolina is still recovering from Hurricane Helene, one of the largest 7
natural disasters in the State's history; and 8
Whereas, Hurricane Helene has left significant long-term impacts to western North 9
Carolina; and 10
Whereas, it is the public policy of the General Assembly to ensure that North Carolina 11
has the funds needed to support a full and complete recovery while remaining a low corporate 12
income tax state; Now, therefore, 13
The General Assembly of North Carolina enacts: 14
SECTION 1. G.S. 105-130.3 reads as rewritten: 15
"§ 105-130.3. Corporations. 16
A tax is imposed on the State net income of every C Corporation doing business in this State. 17
State at the rate of two and one-quarter percent (2.25%). An S Corporation is not subject to the 18
tax levied in this section. The tax is a percentage of the taxpayer's State net income computed as 19
follows: 20
Taxable Years Beginning Tax 21
In 2025 2.25% 22
In 2026 2% 23
In 2028 1% 24
After 2029 0%." 25
SECTION 2. This act is effective for taxable years beginning on or after January 1, 26
2026. 27