Bill Summary for S 605 (2015-2016)

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Summary date: 

Sep 28 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 605 (Public) Filed Thursday, March 26, 2015
AN ACT TO MAKE VARIOUS CHANGES TO THE REVENUE LAWS.
Intro. by Rucho, Rabon, Tillman.

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Bill summary

House amendments make the following changes to the 5th edition.

Amendment #1 deletes the proposed changes to GS 115C-429(b) and to GS 115C-433(b). 

Amendment #2 repeals GS 136-189.11(e1), which provided that the cumulative amount of funds subject to the statute that are expended for light rail transit system projects are limited to $500,000 per project.

Amendment #3 amends GS 105-153.5 to allow a deduction from personal income tax for the amount allowed as a deduction for losses incurred from criminally fraudulent investment arrangements under section 165(c)(2) of the Code.