SMALL BUSINESS INCOME TAX RELIEF.

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View NCGA Bill Details2017-2018 Session
House Bill 61 (Public) Filed Wednesday, February 8, 2017
AN ACT TO PROVIDE INCOME TAX RELIEF FOR SMALL BUSINESSES.
Intro. by K. Hall, Saine, Brenden Jones, Boswell.

Status: Ref To Com On Finance (House Action) (Feb 9 2017)

Bill History:

H 61

Bill Summaries:

  • Summary date: Feb 8 2017 - View Summary

    Amends GS 105-153.5 to allow a deduction from income tax of up to $50,000 of net business income the taxpayer receives during the taxable year if the taxpayer is a small business, defined as a business whose annual receipts, combined with the annual receipts of all related persons, for the taxable year did not exceed $1 million. Provides that in the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse's net business income, not to exceed a total of $100,000. Excludes from the term business income any income that is considered passive income under the Internal Revenue Code. Effective for taxable years beginning on or after January 1, 2017.