(a) Credit. - A taxpayer who is allowed a federal child tax credit under section 24 of the Code for the taxable year is allowed a credit against the tax imposed by this Part for each dependent child for whom the taxpayer is allowed the federal credit. The amount of credit allowed under this section for the taxable year is equal to the amount listed in the table below based on the taxpayer's adjusted gross income, as calculated under the Code:
Filing Status AGI Credit Amount
Married, filing jointly Up to $40,000 $125.00
Over $40,000
Up to $100,000 $100.00
Over $100,000 0
Head of Household Up to $32,000 $125.00
Over $32,000
Up to $80,000 $100.00
Over $80,000 0
Single Up to $20,000 $125.00
Over $20,000
Up to $50,000 $100.00
Over $50,000 0
Married, filing separately Up to $20,000 $125.00
Over $20,000
Up to $50,000 $100.00
Over $50,000 0.
(b) Limitations. - A nonresident or part-year resident who claims the credit allowed by this section shall reduce the amount of the credit by multiplying it by the fraction calculated under G.S. 105-134.5(b) or (c), as appropriate. The credit allowed under this section may not exceed the amount of tax imposed by this Part for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer. (1995, c. 42, s. 3; 1998-98, s. 69; 2001-424, s. 34.20(a); 2002-126, s. 30B.2(a), (b); 2003-284, s. 39B.2; 2013-316, s. 1.1(a), (e).)
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Last modified: March 23, 2014