Bill Summaries: H490 (2023-2024 Session)

  • Summary date: Mar 27 2023 - View summary

    Amends GS 105-153.5(b) (pertaining to tax deductions for State individual income tax) to allow individuals to deduct (1) any income received as overtime compensation pursuant to sections 206 and 207, the minimum wage and maximum hours provisions, of the federal Fair Labor Standards Act and (2) bonus pay not to exceed $2,500. Effective for taxable years beginning on or after January 1, 2023.