Under current law, GS 105-153.5(b) provides that in calculating North Carolina taxable income, a taxpayer may make other deductions from the taxpayer's adjusted gross income (AGI) as indicated in this subsection. Amends the subsection to include a new subdivision (10) to provide that a taxpayer in the business of farming and who meets additional requirements as specified in this subdivision may deduct up to $25,000 from the taxpayer's AGI.
Effective for taxable years beginning on or after January 1, 2015, and expires for taxable years beginning on or after January 1, 2019.
AGRIBUSINESS INCOME TAX EXEMPTIONS.
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| View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO PROVIDE FOR AN EXEMPTION FROM TAXABLE INCOME FOR THE FIRST TWENTY-FIVE THOUSAND DOLLARS OF BUSINESS INCOME FOR CERTAIN AGRIBUSINESSES.Intro. by Waddell, Dobson, Goodman.
Status: Ref To Com On Finance (House Action) (Apr 16 2015)
Bill History:
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Wed, 15 Apr 2015 House: Filed(link is external)
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Thu, 16 Apr 2015 House: Passed 1st Reading(link is external)
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Thu, 16 Apr 2015 House: Ref To Com On Finance(link is external)
H 901
Bill Summaries:
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Bill H 901 (2015-2016)Summary date: Apr 20 2015 - View Summary
View: All Summaries for Bill