Bill Summaries: H693 UNREIMBURSED BUSINESS EXPENSES TAX DEDUCTION.

Tracking:
  • Summary date: Apr 10 2019 - More information

    Amends GS 105-153.5 to create a personal income tax deduction for unreimbursed trade or business expenses for the taxable year calculated pursuant to Section 162 of the Internal Revenue Code (Code), which provides for ordinary and necessary trade or business expenses, minus the limitation provided under Section 67(a) of the Code, which limits an individual's miscellaneous itemized deductions for any taxable year to only allow the deductions if their aggregate exceeds 2% of the individual's adjusted gross income. 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