AN ACT TO PROVIDE EQUAL INCOME TAX TREATMENT OF GOVERNMENT RETIREES' BENEFITS.
Amends GS 105-153.5 to allow taxpayers to deduct from their adjusted gross income the amount received during the taxable year from one or more State, local, or federal government retirement plans. Sets out a chart phasing in the deduction beginning in 2021 for taxpayers vested on or before August 1992 through 2030 for those vested on or before August 2021. Effective for taxable years beginning on or after January 1, 2021, and repealed for taxable years beginning on or after January 1, 2031.
Amends GS 105-153.5, effective for taxable years beginning on or after January 1, 2031, to allow a deduction from adjusted gross income any of the following: (1) amount received during the taxable year under NC state and local government retirement plans and under federal government retirement plans and (2) amount received during the taxable year under a state or local government retirement plan of a state other than North Carolina to the extent the other state would not subject to individual income tax the equivalent amount received under a NC state or local government retirement plan.
Amends GS 105-153.3 by defining the term retirement plan.
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