Bill Summary for H 14 (2025-2026)
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Summary date:
Jan 29 2025
Bill Information:
| View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT TO ALLOW A STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES.Intro. by Paré, Tyson, Kidwell, Winslow.
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Bill summary
Allows individual taxpayers to deduct the amount allowed as a deduction for wagering losses under Section 165(d) of the IRS Code to the extent the losses are not deducted in arriving at adjusted gross income as an itemized deduction under GS 105-153.5. Effective for taxable years beginning on or after January 1, 2024.