S75 - Const. Amd. - Max. Income Tax Rate of 7.0%. (SL 2018-119)

Overview: S.L. 2018-119 proposes an amendment to the North Carolina Constitution to cap the tax rate on both personal and corporate incomes at 7% for taxable years beginning on or after January 1, 2019, and places that amendment on the ballot in the 2018 general election. The cap is currently 10%.

Except as otherwise provided, the act became effective June 28, 2018.