Bill Summary for H 387 (2025-2026)

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Summary date: 

Mar 12 2025

Bill Information:

View NCGA Bill Details(link is external)2025-2026 Session
House Bill 387 (Public) Filed Wednesday, March 12, 2025
AN ACT TO MAKE INCOME RECEIVED FROM A NORTH CAROLINA STATE OR LOCAL GOVERNMENT RETIREMENT PLAN, OR A FEDERAL GOVERNMENT RETIREMENT PLAN, EXEMPT FROM INCOME TAX.
Intro. by Schietzelt, Huneycutt.

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Bill summary

Amends GS 105-153.5 to allow a deduction from gross income when calculating North Carolina taxable income the amount received during the taxable year from one or more of the following: (1) a North Carolina State government retirement plan; (2) a North Carolina local government retirement plan, or (3) a federal government retirement plan not included within subdivision (5a), concerning specified federal retirement payments (was, from one or more State, local, or federal government retirement plans to the extent the amount is exempt from tax under a court order in settlement of one of the three specified cases). Effective for taxable years beginning on or after January 1, 2026.