Bill Summary for H 124 (2011-2012)
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Bill: IRC UPDATE.
Summary date:
Feb 24 2011
S.L. 2011-5
Bill Information:
| View NCGA Bill Details(link is external) | 2011-2012 Session |
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).