Senate committee substitute makes the following changes to the 1st edition.
Changes the standard deduction amounts that a taxpayer may deduct from adjusted gross income in calculating North Carolina taxable income, based on filing status, as follows: Married, filing jointly/surviving spouse standard deduction is $16,500; head of household standard deduction is $13,200; single standard deduction is $8,250; and married, filing separately standard deduction is $8,250. Effective for taxable years beginning on or after January 1, 2016.
Amends GS 105-153.5(a)(1), effective for taxable years beginning on or after January 1, 2017, by increasing the standard deduction amounts that a taxpayer may deduct from adjusted gross income in calculating North Carolina taxable income, based on filing status, as follows: Married, filing jointly/surviving spouse standard deduction is $17,500; head of household standard deduction is $14,000; single standard deduction is $8,750; and married, filing separately standard deduction is $8,750 (these are the amounts that were effective January 1, 2016, in the previous edition).
Provides that, notwithstanding GS 105-163.2 (requiring employers to withhold taxes), the Department of Revenue is not required to adjust the withholding tables applicable for the 2016 taxable year.
Changes long title.
INCREASE THE ZERO TAX BRACKET.
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| View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO INCREASE THE STANDARD DEDUCTION AMOUNTS OVER TWO YEARS.Intro. by Rucho, Rabon, Tillman.
Status: Ref to the Com on Appropriations, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House (House Action) (May 27 2016)
Bill History:
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Thu, 5 May 2016 Senate: Filed(link is external)
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Mon, 9 May 2016 Senate: Passed 1st Reading(link is external)
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Mon, 9 May 2016 Senate: Ref To Com On Finance(link is external)
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Wed, 18 May 2016 Senate: Reptd Fav Com Substitute(link is external)
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Wed, 18 May 2016 Senate: Com Substitute Adopted(link is external)
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Wed, 18 May 2016 Senate: Placed On Cal For 05/23/2016(link is external)
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Mon, 23 May 2016 Senate: Withdrawn From Cal(link is external)
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Mon, 23 May 2016 Senate: Placed On Cal For 05/24/2016(link is external)
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Tue, 24 May 2016 Senate: Passed 2nd Reading(link is external)
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Tue, 24 May 2016 Senate: Passed 3rd Reading(link is external)
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Wed, 25 May 2016 Senate: Regular Message Sent To House(link is external)
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Wed, 25 May 2016 House: Regular Message Received From Senate(link is external)
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Fri, 27 May 2016 House: Passed 1st Reading(link is external)
S 818
Bill Summaries:
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Bill S 818 (2015-2016)Summary date: May 18 2016 - View Summary
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Bill S 818 (2015-2016)Summary date: May 5 2016 - View Summary
Amends GS 105-153.5(a) concerning the deduction a taxpayer may deduct from their adjusted gross income in calculating North Carolina taxable income. Specifically, increases each standard deduction amount for all taxpayers who are eligible for a standard deduction under section 63 of the Internal Revenue Code, based on status, as follows: for married, filing jointly/surviving spouse the standard deduction is $17,500 (was, $15,500); for head of household the standard deduction is $14,000 (was, $12,400); for single the standard deduction is $8,750 (was, $7,750); and for married, filing separately the standard deduction is $8,750 (was, $7,750).
Effective for taxable years beginning on or after January 1, 2016.
View: All Summaries for Bill
Senate committee substitute to the 1st edition made a change to the long title. The original title is as follows:
AN ACT TO INCREASE THE STANDARD DEDUCTION AMOUNT, EFFECTIVE FOR THE 2016 TAXABLE YEAR.