Bill Summary for S 726 (2015-2016)
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Bill: IRC UPDATE.
Summary date:
May 24 2016
S.L. 2016-6
Bill Information:
| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE AND TO DECOUPLE FROM CERTAIN PROVISIONS OF THE FEDERAL PROTECTING AMERICANS FROM TAX HIKES ACT OF 2015.Intro. by Rucho, Rabon, Tillman.
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Bill summary
Conference report makes the following changes to the 3rd edition.
Provides that the House recedes from Amendment #2, adopted on May 4, 2016, which deleted language concerning qualified tuition and related expenses and replaced it with requirements that for the taxable years of 2015 and 2016, a taxpayer must add to their adjusted gross income the amount excluded from the taxpayer's gross income for the discharge of qualified principal residence indebtedness under section 108 of the Code unless the discharge of qualified principal indebtedness is for either of the specified reasons concerning contamination. Therefore, the conference report adopts the second edition of the act, as engrossed on April 28, 2016.