UNREIMBURSED BUSINESS EXPENSES TAX DEDUCTION.

View NCGA Bill Details2019-2020 Session
House Bill 693 (Public) Filed Wednesday, April 10, 2019
AN ACT TO PERMIT AN INCOME TAX DEDUCTION FOR CERTAIN UNREIMBURSED BUSINESS EXPENSES.
Intro. by Kidwell, Pittman, C. Smith, Humphrey.

Status: Ref to the Com on Finance, if favorable, Rules, Calendar, and Operations of the House (House action) (Apr 11 2019)
H 693

Bill Summaries:

  • Summary date: Apr 10 2019 - More information

    Amends GS 105-153.5 to create a personal income tax deduction for unreimbursed trade or business expenses for the taxable year calculated pursuant to Section 162 of the Internal Revenue Code (Code), which provides for ordinary and necessary trade or business expenses, minus the limitation provided under Section 67(a) of the Code, which limits an individual's miscellaneous itemized deductions for any taxable year to only allow the deductions if their aggregate exceeds 2% of the individual's adjusted gross income. Effective for taxable years beginning on or after January 1, 2019.


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