Adds new GS 105-134.2(c) specifying that the tax rate imposed on the net business income of a taxpayer who receives income as an individual from a small business may not exceed the rate imposed on a corporation. Defines small business as a business whose cumulative gross receipts do not exceed $850,000 in a year, excluding passive income. Effective for taxable years beginning on or after January 1, 2011.
EQUALIZE INCOME TAX PAID BY SMALL BUSINESSES.
|View NCGA Bill Details||2011-2012 Session|
TO ENSURE THAT SMALL BUSINESSES ARE NOT PLACED AT A COMPETITIVE DISADVANTAGE AS COMPARED TO LARGE CORPORATIONS BY VIRTUE OF A HIGHER INCOME TAX RATE.Intro. by Mansfield.
Status: Ref To Com On Finance (Senate Action) (Apr 20 2011)
Tue, 19 Apr 2011 Senate: Filed
Wed, 20 Apr 2011 Senate: Passed 1st Reading
Wed, 20 Apr 2011 Senate: Ref To Com On Finance
Bill S 719 (2011-2012)Summary date: Apr 19 2011 - View Summary