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.