House committee substitute makes the following changes to 1st edition.
Amends GS 105-134.6(b) by enacting new subdivision (5c) to provide for a 10-year phase-in of a full state income tax deduction for all state, local, and federal government retirees’ pensions beginning with the 2011 taxable year and complete as of the 2020 taxable year. Bases the phase-in period on the retiree’s vesting date in the retirement plan. Effective for taxable years beginning on or after January 1, 2011, and repealed for taxable years beginning on or after January 1, 2020.
Makes GS 105-134.1(13), as amended in this act, effective when it becomes law (was, effective for taxable years beginning on or after January 1, 2011).
Makes GS 105-134.6(b) as amended in the 1st edition concerning governmental retirees from other states, effective for taxable years beginning on or after January 1, 2020 (was, effective for taxable years beginning on or after January 1, 2011).