Bill Summary for H 124 (2011-2012)

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Bill: IRC UPDATE.

Summary date: 

Feb 24 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 124 (Public) Filed Wednesday, February 16, 2011
TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE.
Intro. by Howard, Brubaker, Starnes, Setzer.

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Bill summary

House committee substitute makes the following changes to 1st edition. Amends proposed GS 105-130.5(a)(23) and GS 105-134.6(c)(15) to provide that for the purposes of those subdivisions, section 179 property has the same meaning as under section 179 of the Code as of January 1, 2011. Deletes proposed GS 105-32.2A (Election to receive stepped-up basis for 2010).