SMALL BUSINESS INCOME TAX RELIEF.

View NCGA Bill Details2019-2020 Session
House Bill 957 (Public) Filed Thursday, April 25, 2019
AN ACT TO PROVIDE INCOME TAX RELIEF FOR SMALL BUSINESSES.
Intro. by Farmer-Butterfield, Cunningham.

Status: Ref to the Com on Finance, if favorable, Rules, Calendar, and Operations of the House (House action) (Apr 26 2019)
H 957

Bill Summaries:

  • Summary date: Apr 25 2019 - More information

    Identical to H 277, filed 3/5/19.

    Amends GS 105-153.5 to allow a deduction from income tax of up to $50,000 of net business income the taxpayer receives during the taxable year if the taxpayer is a small business, defined as a business whose annual receipts, combined with the annual receipts of all related persons, for the taxable year did not exceed $1 million. Provides that in the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse's net business income, not to exceed a total of $100,000. Excludes from the term business income any income that is considered passive income under the Internal Revenue Code. Effective for taxable years beginning on or after January 1, 2019.


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