Bill Summary for S 94 (2011-2012)
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Summary date:
Feb 23 2011
S.L. 2012-132
Bill Information:
| View NCGA Bill Details(link is external) | 2011-2012 Session |
TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE.Intro. by Hartsell, Tillman, Newton.
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Bill summary
Senate 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 clarify that the definition of section 179 property, as used in the subdivisions, has the same meaning as under section 179 property of the IRC as of January 1, 2011.
Deletes proposed GS 105-32.2A, which allowed the estate of a decedent dying in 2010 that pays the federal estate tax and receives the federal stepped-up basis of the property to elect to receive the stepped-up basis for North Carolina purposes by paying the state estate tax for 2010.