Bill Summaries: H505 SMALL BUSINESS TAX RELIEF ACT.

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  • Summary date: Apr 2 2015 - View Summary

    Amends GS 105-153.5 to allow a deduction from the corporate income tax of up to $25,000 of net business income the taxpayer receives during the taxable year if the taxpayer has annual receipts, combined with the annual receipts of all related persons, of $800,000 or less. Provides that in the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse's net business income, not to exceed a total of $50,000.

    Effective for taxable years beginning on or after January 1, 2015.