Bill Summary for H 901 (2015-2016)
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Summary date:
Apr 20 2015
Bill Information:
| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO PROVIDE FOR AN EXEMPTION FROM TAXABLE INCOME FOR THE FIRST TWENTY-FIVE THOUSAND DOLLARS OF BUSINESS INCOME FOR CERTAIN AGRIBUSINESSES.Intro. by Waddell, Dobson, Goodman.
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Bill summary
Under current law, GS 105-153.5(b) provides that in calculating North Carolina taxable income, a taxpayer may make other deductions from the taxpayer's adjusted gross income (AGI) as indicated in this subsection. Amends the subsection to include a new subdivision (10) to provide that a taxpayer in the business of farming and who meets additional requirements as specified in this subdivision may deduct up to $25,000 from the taxpayer's AGI.
Effective for taxable years beginning on or after January 1, 2015, and expires for taxable years beginning on or after January 1, 2019.