§ 105-151.31. (Repealed for taxable years beginning on or after January 1, 2013) Earned income tax credit. - North Carolina Statutes

§ 105‑151.31.  (Repealedfor taxable years beginning on or after January 1, 2013) Earned income taxcredit.

(a)        (Effective fortaxable years beginning before January 1, 2009) Credit. – An individual whoclaims for the taxable year an earned income tax credit under section 32 of theCode is allowed a credit against the tax imposed by this Part equal to threeand one‑half percent (3.5%) of the amount of credit the individualqualified for under section 32 of the Code. A nonresident or part‑yearresident who claims the credit allowed by this section must reduce the amountof the credit by multiplying it by the fraction calculated under G.S. 105‑134.5(b)or (c), as appropriate.

(a)        (Effective fortaxable years beginning on or after January 1, 2009) Credit. – An individualwho claims for the taxable year an earned income tax credit under section 32 ofthe Code is allowed a credit against the tax imposed by this Part equal to fivepercent (5%) of the amount of credit the individual qualified for under section32 of the Code. A nonresident or part‑year resident who claims the creditallowed by this section must reduce the amount of the credit by multiplying itby the fraction calculated under G.S. 105‑134.5(b) or (c), asappropriate.

(b)        Credit Refundable.– If the credit allowed by this section exceeds the amount of tax imposed bythis Part for the taxable year reduced by the sum of all credits allowable, theSecretary must refund the excess to the taxpayer. The refundable excess isgoverned by the provisions governing a refund of an overpayment by the taxpayerof the tax imposed in this Part. Section 3507 of the Code, Advance Payment ofEarned Income Credit, does not apply to the credit allowed by this section. Incomputing the amount of tax against which multiple credits are allowed,nonrefundable credits are subtracted before refundable credits.

(c)        Sunset. – Thissection is repealed effective for taxable years beginning on or after January1, 2013.  (2007‑323,s. 31.4(a); 2008‑107, s. 28.9(a).)