Bill Summary for S 719 (2011-2012)

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Bill: EQUALIZE INCOME TAX PAID BY SMALL BUSINESSES.

Summary date: 

Apr 19 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 719 (Public) Filed Tuesday, April 19, 2011
TO ENSURE THAT SMALL BUSINESSES ARE NOT PLACED AT A COMPETITIVE DISADVANTAGE AS COMPARED TO LARGE CORPORATIONS BY VIRTUE OF A HIGHER INCOME TAX RATE.
Intro. by Mansfield.

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Bill summary

Adds new GS 105-134.2(c) specifying that the tax rate imposed on the net business income of a taxpayer who receives income as an individual from a small business may not exceed the rate imposed on a corporation. Defines small business as a business whose cumulative gross receipts do not exceed $850,000 in a year, excluding passive income. Effective for taxable years beginning on or after January 1, 2011.