AN ACT TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE, TO DECOUPLE FROM CERTAIN PROVISIONS OF THE FEDERAL TAX INCREASE PREVENTION ACT OF 2014, TO MODIFY THE MOTOR FUELS TAX RATE, AND TO MAKE CERTAIN REDUCTIONS WITHIN THE DEPARTMENT OF TRANSPORTATION FOR THE 2014-2015 FISCAL YEAR.
House amendment #1 makes the following changes to the 4th edition:
Deletes proposed language in GS 105-153.5(a)(2)a that provided when calculating the itemized deduction amount for taxable year 2014, when electing to take the income exclusion under section 408(d)(8) of the revenue code for qualified charitable distribution from an individual retirement plan by a person 70 1/2 years old or older, that person can deduct the amount that would have been allowed as a charitable deduction under section 170 of the revenue code had the taxpayer not elected to take the income exclusion.
Deletes language in GS 105-153.5(d) that provided that NC revenue law does not conform with the IRC provision authorized in 2006 that allows taxpayers who are age 70 ½ or older to contribute up to $100,000 from their IRA to a charity tax free.
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