PROTECT THE HARDWORKING TAXPAYERS ACT.

Printer-friendly: Click to view
View NCGA Bill Details2017-2018 Session
House Bill 54 (Public) Filed Tuesday, February 7, 2017
AN ACT TO REMOVE THE LIMITATION ON THE INCOME TAX DEDUCTION FOR MORTGAGE EXPENSE AND PROPERTY TAX.
Intro. by Hastings, Saine, Howard, Setzer.
Status: Ref To Com On Finance (House Action) (Feb 8 2017)

Bill History:

H 54

Bill Summaries:

  • Bill H 54 (2017-2018)
    Summary date: Feb 7 2017 - View Summary

    Current law, GS 105-153.5(a), provides that in calculating North Carolina taxable income, a taxpayer may deduct from adjusted gross income either the standard deduction amount provided in subsection (1) or the itemized deduction amount provided in subsection (2) that the taxpayer claimed under the Internal Revenue Code. This act amends the itemized deduction amount provided in subsection (2) that the taxpayer may claim for mortgage expense and real estate property taxes by eliminating the limitation amount of no more than $20,000. Makes conforming changes.

    Effective for taxable years beginning on or after January 1, 2017.

    Development, Land Use and Housing, Property and Housing, Government, State Agencies, Department of Revenue, Tax
    GS 105
View: All Summaries for Bill