New North Carolina laws take effect in January 2025
RALEIGH, N.C. (WTVD) — The new year means some new laws will take effect in North Carolina on Jan. 1. If one of your New Year’s resolutions is to save more money, there’s a new law that will help with that.
Here’s a look at some of the new laws and policy changes that are going into effect in North Carolina on New Year’s Day 2025.
Law Strips NC Leaders of Power
Senate Bill 382 The highly controversial bill provides funding for Helene. It also strips power from incoming Governor Josh Stein, Attorney General Jeff Jackson and State Superintendent Maurice Green take effect. Gov. Cooper vetoed the bill but a veto override by NC GOP supermajority means it will become law. Outgoing Governor Roy Cooper and Governor-elect Josh Stein filed a law over the bill.
Income Tax Decrease
House Bill 259 A new tax law puts more money in your wallet. When you think of tax laws you don’t normally hear good things. However, this law is good news to the penny pinchers and it starts in January. Under the law that was part of North Carolina’s 2023 budget bill, the individual income tax rate will decrease from 4.5% for 2024 to 4.25% for 2025. Taxpayers will see additional drops every year. In 2026, the income tax rate drops to 3.99%. North Carolina’s corporate income tax will also see changes.
Auto Insurance Changes
Senate Bill 452 brings several updates to the state’s auto insurance laws. Under the new law, the minimum liability limits for auto insurance will increase to $50,000 for one person and $100,000 for two or more people per accident. Property damage coverage will also rise to $50,000. SB 452 also changes how underinsured motorist coverage is calculated, ensuring that the total damages sustained by an individual are considered. These updates aim to provide better financial protection for drivers and accident victims.
Read more here, including a big change to buying tickets for concerts and sports events.
