North Carolina has made the following tax law changes for tax year 2022.
- For tax year 2022, North Carolina law was amended to decrease the individual income tax rate to 4.99%.
- North Carolina law was amended to increase the child deduction for tax year 2022.
- North Carolina law was amended to increase the standard deduction amount.
- For assessments dated on or after January 1, 2023, the failure to pay penalty is reduced to 5% of net tax due, regardless of how late the tax is paid.
- North Carolina law was amended to allow eligible members of the United States Uniformed Services to deduct military retirement payments received from the United States government.