Bill Summary for H 75 (2021-2022)

Summary date: 

Feb 11 2021

Bill Information:

View NCGA Bill Details2021
House Bill 75 (Public) Filed Thursday, February 11, 2021
Intro. by Cleveland, Blackwell, Hurley, Clampitt.

View: All Summaries for BillTracking:

Bill summary

Amends GS 105-153.5 to give an individual taxpayer the option to deduct from the taxpayer's gross adjusted income an amount received during the taxable year from State, local, or federal government retirement plans so long as the amount does not excess the lesser of (1) the product of $3,000 multiplied by the number of years the taxpayer has claimed the deduction, or (2) $30,000. 

Amends GS 105-153.3 to define retirement plan as it is used in the context of individual income tax. Defines the term to mean any written retirement plan established by the employer to provide payments to an employee or the beneficiary of an employee after the end of the employee's employment with the employer where the right of payment is based on the employment relationship. Includes written retirement plans for self-employed individuals or their beneficiaries, individual retirement plans, and plans treated as an individual retirement plan. Specifies that employee includes volunteer worker. 

Effective for taxable years beginning on or after January 1, 2021.

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view