BUSINESS INCOME TAX DEDUCTION.

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View NCGA Bill Details2023-2024 Session
Senate Bill 482 (Public) Filed Monday, April 3, 2023
AN ACT TO ALLOW A BUSINESS INCOME TAX DEDUCTION.
Intro. by Batch, Garrett, Chaudhuri.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 4 2023)

Bill History:

S 482

Bill Summaries:

  • Summary date: Apr 3 2023 - View Summary

    Amends GS 105-153.5 to allow an individual paying income tax to deduct from the taxpayer's adjusted gross income up to $75,000 of net business income the taxpayer received during the taxable year. Provides that for a married couple filing jointly, if both spouses receive or incur net business income, the maximum amounts apply separately to each spouse's net business income, not to exceed a total of $150,000. Excludes from business income any income that is considered passive income. Effective for taxable years beginning on or after January 1, 2023.