Under current law, GS 105-53.5(b) provides that in calculating North Carolina's taxable income, a taxpayer may deduct from the taxpayer's adjusted gross income any of the items included in the other deductions in this subsection. Amends GS 105-53.5(b) to add other deductions for use in calculating North Carolina's taxable income. Provides in new subdivision (10) that a taxpayer may deduct from the taxpayer's adjusted gross income (AGI) the amount added to federal taxable income under Section 108(8)(1) of the Code. Provides in new subdivision (11) that the amount claimed under section 67(b)(9) of the Code, related to when a taxpayer restores a substantial amount held under a claim of right, minus the limitation under section 67(a) of the Code, minus all other items deductible under section 67(b) of the code not to exceed the limitation provided under section 67(a) of the Code may be deducted. Effective for taxable years beginning on or after January 1, 2014.

Adds a new subdivision (6) to GS 105-153.5(c), which provides that in calculating North Carolina taxable income, a taxpayer must add to the the taxpayer's adjusted gross income any of the indicated items that are not included in the taxpayer's AGI.Subdivision (6) provides that the amount of net operating loss carried to and deducted on the federal return but not absorbed in that year and carried forward to a subsequent year must be added to the taxpayer's adjusted gross income. Effective for taxable years beginning on or after January 1, 2015.

Amends the definitions in GS 105-163.1 to define individualas it is defined in GS 105-153.3 and to provide that "wages"does not include a reimbursement amount that an employer pays an employee for necessary expenses (was, also did not include certain severance wages paid to an employee).

Adds a new subsection (s2) to GS 105-130.4 regarding calculating the apportionable income of a business in couriers and express delivery services industry group 4921 as defined by NAICS. Effective for taxable years beginning on or after January 1, 2016.

Amends the definition for storagein GS 105-164.3(44), deleting the provisions as to what the term does not include.

Amends GS 105-242.2(e) to provide that the period of limitations for assessing a responsible person for unpaid taxes under this section expires one year after the period of limitations for assessing the business entity expires or one year after a tax becomes collectible under GS 105-241.22(4), (5), or (6), whichever comes later.

Except as otherwise provided, act is effective when it becomes law.