• Summary date: Apr 9 2019 - More information

    Under GS 105-153.5, in calculating North Carolina taxable income, a taxpayer can deduct from the adjusted gross income the itemized deductions set out in subsection (b). This act adds new subdivision (5a) to establish a deduction for the amount received during the taxable year from the US government as retirement pay for a retired member of the US Armed Forces or as survivorship benefits for survivors of active duty or retired members of the US Armed Forces. Prohibits deduction for amounts under both subdivision (5a) and subdivision (5), which provides for a deduction for amounts from one or more State, local, or federal government retirement plans exempt from tax as specified. Makes conforming changes to subdivision (5).

    Effective for taxable years beginning on or after January 1, 2019.

© 2022 School of Government The University of North Carolina at Chapel Hill

This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.

Printer-friendly: Click to view