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.