A BILL TO BE ENTITLED
AN ACT to reduce the corporate income tax rate.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑130.3 reads as rewritten:
"§ 105‑130.3.  Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State. An S Corporation is not subject to the tax levied in this section. The tax is six and four‑tenths percent (6.4%) of the taxpayer's State net													income."
SECTION 2.  G.S. 115C‑546.1(b) reads as rewritten:
"(b)	Each calendar quarter, the Secretary of Revenue shall remit to the State Treasurer for credit to the Public School Building Capital Fund an amount equal to five sixty‑fourths of the net collections received during the previous quarter by the Department of Revenue under G.S. 105‑130.3. All funds deposited in the Public School Building Capital Fund shall be invested as provided in G.S. 147‑69.2 and G.S. 147‑69.3.
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SECTION 3.  Section 1 of this act is effective for taxable years beginning on or after January 1, 2010.  Section 2 of this act is effective July 1, 2010, and applies to the calendar quarter that ends September 30, 2010.  The remainder of this act is effective when it becomes law.