GAMBLING LOSS TAX DEDUCT, NC SOUND MONEY ACT. (NEW)

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View NCGA Bill Details2025-2026 Session
House Bill 14 (Public) Filed Wednesday, January 29, 2025
AN ACT TO ALLOW A STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES AND TO ENACT THE NORTH CAROLINA SOUND MONEY ACT.
Intro. by Paré, Tyson, Kidwell, Winslow.
Status: Re-ref Com On Finance (House action) (Jun 25 2025)

SOG comments (1):

Long title change

Submitted by jhenders@sog.unc.edu on

Committee substitute to the 2nd edition changed the long title. Original long title was AN ACT TO ALLOW A STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES.

Bill History:

H 14

Bill Summaries:

  • Bill H 14 (2025-2026)
    Summary date: Jun 25 2025 - View Summary

    House committee substitute to the 2nd edition makes the following changes.

    Adds the following content and makes conforming changes to the act’s titles.

    Expands the other deductions that a State taxpayer can deduct from their individual adjusted gross income under GS 105-153.3 to include gain or loss, to the extent the loss is not deducted in arriving at adjusted gross income, from the disposition of investment coins (defined) and investment metal bullion (defined). Effective for taxable years beginning on or after January 1, 2025.

    Enacts GS 66-67.6 recognizing investment coins and investment metal bullion made of refined gold or silver and stamped, marked, or imprinted with its weight and purity as legal tender in the state. Clarifies that no person is required to offer or accept any recognized legal tender under GS 66-67.6 for payment of debts, deposit, or any other purpose and that no person incurs liability for refusing to offer or accept such legal tender, except as specifically provided for by contract or otherwise required by law. Effective October 1, 2025.

    Banking and Finance, Government, Tax, Lottery and Gaming
    GS 66, GS 105
  • Bill H 14 (2025-2026)
    Summary date: Jan 29 2025 - View Summary

    Allows individual taxpayers to deduct the amount allowed as a deduction for wagering losses under Section 165(d) of the IRS Code to the extent the losses are not deducted in arriving at adjusted gross income as an itemized deduction under GS 105-153.5. Effective for taxable years beginning on or after January 1, 2024. 

    Government, Tax, Lottery and Gaming
    GS 105
View: All Summaries for Bill