Amends GS 105-153.5(b) concerning taxpayer deduction amounts, providing that a taxpayer can deduct from adjusted gross income an amount not to exceed $50,000 of net business income the taxpayer has received during the year if the taxpayer has not received more than $250,000 in gross receipts. Also provides that a married couple filing jointly where both receive net business income, the maximum dollar amounts apply separately to each spouse's net business income.
Effective for taxable years beginning on or after January 1, 2016.
SMALL BUSINESS TAX RELIEF.
Printer-friendly: Click to view
| View NCGA Bill Details(link is external) | 2015-2016 Session |
AN ACT TO PROVIDE INCOME TAX RELIEF FOR SMALL BUSINESSES.Intro. by Lowe, Smith-Ingram, Foushee.
Status: Ref To Com On Finance (Senate Action) (Apr 27 2016)
Bill History:
-
Tue, 26 Apr 2016 Senate: Filed(link is external)
-
Wed, 27 Apr 2016 Senate: Passed 1st Reading(link is external)
-
Wed, 27 Apr 2016 Senate: Ref To Com On Finance(link is external)
S 752
Bill Summaries:
-
Bill S 752 (2015-2016)Summary date: Apr 26 2016 - View Summary
View: All Summaries for Bill