House committee substitute to the 2nd edition makes the following changes.
Adds the following content and makes conforming changes to the act’s titles.
Expands the other deductions that a State taxpayer can deduct from their individual adjusted gross income under GS 105-153.3 to include gain or loss, to the extent the loss is not deducted in arriving at adjusted gross income, from the disposition of investment coins (defined) and investment metal bullion (defined). Effective for taxable years beginning on or after January 1, 2025.
Enacts GS 66-67.6 recognizing investment coins and investment metal bullion made of refined gold or silver and stamped, marked, or imprinted with its weight and purity as legal tender in the state. Clarifies that no person is required to offer or accept any recognized legal tender under GS 66-67.6 for payment of debts, deposit, or any other purpose and that no person incurs liability for refusing to offer or accept such legal tender, except as specifically provided for by contract or otherwise required by law. Effective October 1, 2025.
GAMBLING LOSS TAX DEDUCT, NC SOUND MONEY ACT. (NEW)
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View NCGA Bill Details(link is external) | 2025-2026 Session |
AN ACT TO ALLOW A STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES AND TO ENACT THE NORTH CAROLINA SOUND MONEY ACT.Intro. by Paré, Tyson, Kidwell, Winslow.
Status: Re-ref Com On Finance (House action) (Jun 25 2025)
Bill History:
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Wed, 29 Jan 2025 House: Filed(link is external)
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Wed, 29 Jan 2025 House: Filed(link is external)
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Thu, 30 Jan 2025 House: Passed 1st Reading(link is external)
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Thu, 30 Jan 2025 House: Passed 1st Reading(link is external)
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Mon, 3 Feb 2025 House: Withdrawn From Com(link is external)
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Mon, 3 Feb 2025 House: Withdrawn From Com(link is external)
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Tue, 4 Mar 2025 House: Reptd Fav(link is external)
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Tue, 4 Mar 2025 House: Re-ref Com On Finance(link is external)
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Tue, 4 Mar 2025 House: Reptd Fav(link is external)
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Tue, 4 Mar 2025 House: Re-ref Com On Finance(link is external)
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Tue, 24 Jun 2025 House: Withdrawn From Com(link is external)
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Tue, 24 Jun 2025 House: Withdrawn From Com(link is external)
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Wed, 25 Jun 2025 House: Reptd Fav Com Substitute(link is external)
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Wed, 25 Jun 2025 House: Cal Pursuant Rule 36(b)(link is external)
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Wed, 25 Jun 2025 House: Added to Calendar(link is external)
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Wed, 25 Jun 2025 House: Withdrawn From Cal(link is external)
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Wed, 25 Jun 2025 House: Re-ref Com On Finance(link is external)
H 14
Bill Summaries:
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Bill H 14 (2025-2026)Summary date: Jun 25 2025 - View Summary
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Bill H 14 (2025-2026)Summary date: Jan 29 2025 - View Summary
Allows individual taxpayers to deduct the amount allowed as a deduction for wagering losses under Section 165(d) of the IRS Code to the extent the losses are not deducted in arriving at adjusted gross income as an itemized deduction under GS 105-153.5. Effective for taxable years beginning on or after January 1, 2024.
View: All Summaries for Bill
Committee substitute to the 2nd edition changed the long title. Original long title was AN ACT TO ALLOW A STATE INCOME TAX DEDUCTION FOR GAMBLING LOSSES.