Bill Summary for S 591 (2021-2022)
Apr 6 2021
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AN ACT TO ALLOW A BUSINESS INCOME TAX DEDUCTION.Intro. by Garrett, deViere, Salvador.
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Amends GS 105-153.5 to allow an individual paying income tax to deduct from the taxpayer's adjusted gross income up to $75,000 of net business income the taxpayer received during the taxable year. Provides that for a married couple filing jointly, if both spouses receive or incur net business income, the maximum amounts apply separately to each spouse's net business income, not to exceed a total of $150,000. Excludes from business income any income that is considered passive income. Effective for taxable years beginning on or after January 1, 2021.