HB 628

Reenacts GS 105-153.10 (Credit for children), providing an income tax credit for qualifying children, as defined in Section 152(c) of the Internal Revenue Code, of taxpayers. Lays out the applicable credit based upon adjusted gross income (AGI) for each classification of taxpayer filing status. Increases the amount of credit available for each classification; for example, Married Filing Jointly with an AGI of up to $40,000 is eligible for $250, increased from $125, and for an AGI from $40,000 up to $100,000 the credit is $125, increased from $100. Provides a limitation for nonresidents or part-year residents based on the fraction in GS 105-153.4. Caps married filing separately benefits to no more than the maximum credit under a joint return. Makes the credit refundable, allowing excess to be refunded to the taxpayer.