Reenact Child Tax Credit.

SB 641 reenacts North Carolina's refundable child tax credit, providing financial support to low- and moderate-income families with children. It offers $1,900 annually for each child under age 6 and $1,600 for older qualifying children, with credit amounts phasing out based on income (e.g., married couples filing jointly receive full credit up to $40,000 AGI, reduced to $100 between $40,000-$100,000, and none above $100,000). The credit is refundable, meaning families may receive a cash payment if the credit exceeds their state tax liability. This policy directly affects North Carolina households with children who meet income thresholds, aiming to reduce child poverty by supplementing family income. The bill takes effect for tax years beginning January 1, 2025.