Provides that if Senate Bill 726 (IRC Update) or House Bill 973 (IRC Update) become law, then GS 105-130.5B, Adjustments when State decouples from federal accelerated depreciation and expensing and GS 105-153.6, Adjustments when State decouples from federal accelerated depreciation and expensing, will be amended by adding new subsections (c1) to provide that the dollar limitations and add-back requirements in GS 105-130.5B(c) and GS 105-153.6(c) do not apply to small businesses engaged in production of goods or delivery of services, or both, that do not have more than $2 million in gross annual sales.
Effective for taxable years beginning on or after January 1, 2016.
SMALL BUSINESS TAX INCENTIVE.
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| View NCGA Bill Details | 2015-2016 Session |
AN ACT TO EXCLUDE SMALL BUSINESSES FROM THE DOLLAR LIMITATIONS AND ADD-BACK REQUIREMENTS APPLIED TO SECTION 179 EXPENSES.Intro. by Ford.
Status: Ref To Com On Finance (Senate Action) (May 11 2016)
Bill History:
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Tue, 10 May 2016 Senate: Filed
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Wed, 11 May 2016 Senate: Passed 1st Reading
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Wed, 11 May 2016 Senate: Ref To Com On Finance
S 829
Bill Summaries:
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Bill S 829 (2015-2016)Summary date: May 10 2016 - View Summary
View: All Summaries for Bill