Bill Summaries: H650 (2019-2020 Session)

  • Summary date: Apr 9 2019 - View summary

    Under GS 105-153.5, in calculating North Carolina taxable income, a taxpayer can deduct from the adjusted gross income the itemized deductions set out in subsection (b). This act adds new subdivision (5a) to establish a deduction for the amount received during the taxable year from the US government as retirement pay for a retired member of the US Armed Forces or as survivorship benefits for survivors of active duty or retired members of the US Armed Forces. Prohibits deduction for amounts under both subdivision (5a) and subdivision (5), which provides for a deduction for amounts from one or more State, local, or federal government retirement plans exempt from tax as specified. Makes conforming changes to subdivision (5).

    Effective for taxable years beginning on or after January 1, 2019.