Bill Summaries: H1202 (2013-2014 Session)

  • Summary date: May 22 2014 - View summary

    Amends GS 105-153.5(a), concerning modifications to adjusted gross income, deleting language defining itemized deduction amount, providing for a new term, charitable contribution deduction amount, which is defined as the deductable amount allowed under section 170 of the Internal Revenue Code for that taxable year. 

    Enacts new GS 105-153.5(a)(3), elective deduction amount, allowing deductions for specified medical expenses for anyone 65 years old and older. Also provides further guidance for a mortgage expense and property tax deduction, setting out regulations for the deduction based on filing status. Limits the deductions to $20,000 for both categories.

    Provides that the allowed amounts for charitable contribution deduction and the elective deduction amount are not subject to the overall limitation on itemized deductions found in Section 68 of the Internal Revenue Code.

    Makes technical and conforming changes.

    Effective for taxable years beginning on or after January 1, 2014.