Amends GS 105-153.5 to allow a deduction from the corporate income tax of up to $25,000 of net business income the taxpayer receives during the taxable year if the taxpayer has annual receipts, combined with the annual receipts of all related persons, of $200,000 or less. 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 $50,000.

Effective for taxable years beginning on or after January 1, 2015.