§ 105-153.7. Individual income tax imposed. (a) Tax. – A tax is imposed for each taxable year on the North Carolina taxable income of every individual. The tax shall be levied, collected, and paid annually. Except as otherwise provided in subsection (a1) of this section, the tax is a percentage of the taxpayer's North Carolina taxable income computed as follows: Taxable Years Beginning Tax In 2022 4.99% In 2023 4.75% In 2024 4.5% In 2025 4.25% In 2026 3.99% In 2027, 2028, and 2029 3.49% In 2030, 2031, and 2032 3.24% After 2032 2.99% (a1) Rate Reduction Trigger. – Notwithstanding the tax rates set out in subsection (a) of this section, if total General Fund revenue in a fiscal year set out below exceeds the trigger amount indicated for that fiscal year, then the applicable tax rate for the indicated and subsequent tax years shall be equal to the greater of (i) the prior taxable year's rate decreased by one-fourth percentage point (0.25%) or (ii) two and forty-nine hundredths percent (2.49%). For purposes of this subsection, total General Fund revenue is the amount stated in the final accounting of total General Fund Reverting Net Tax and Non-Tax Revenues for the fiscal year, as reported by the Office of State Controller in August following the end of the fiscal year. Fiscal Year Trigger Amount Taxable Year Beginning FY 2033-2034 $40,258,000,000 In 2035 FY 2034-2035 $41,087,000,000 In 2036 FY 2035-2036 $41,965,000,000 In 2037 FY 2036-2037 $42,896,000,000 In 2038 FY 2037-2038 $43,892,000,000 In 2039 FY 2038-2039 $44,957,000,000 In 2040. (b) Withholding Tables. – The Secretary may provide tables that compute the amount of tax due for a taxable year under this Part. The tables do not apply to an individual who files a return under section 443(a)(1) of the Code for a period of less than 12 months due to a change in the individual's annual accounting period or to an estate or trust.