Amends GS 105-153.5, providing for two new deductions from a taxpayer's adjusted gross income tax: (1) for amounts received from the US government as retirement pay for a retired Armed Forces member or as survivorship benefits for survivors of active duty or retired Armed Forces members and (2) for amounts received as military pay by an active service member of the Armed Forces for any period of time the service member is not present in the State so long as the member is a state resident and not present in the state solely in compliance with military reassignment orders. Clarifies that the amount deducted for Armed Forces retirement pay or survivorship benefits cannot also be deducted under the existing deduction for amounts received during the taxable year from one or more State, local, or federal government retirement plans. Makes conforming changes. Effective for taxable years beginning on or after January 1, 2019.
Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Mar 6 2019)
Bill S 188 (2019-2020)Summary date: Mar 5 2019 - More information