NC H124

Updates North Carolina's reference to the Internal Revenue Code from May 1, 2010 to January 1, 2011 in G.S. 105-228.90(b)(1b).

Adds 85% addback requirement for special accelerated depreciation deductions under IRC Section 168(k) or 168(n) for taxable years 2010-2012, with corresponding 20% deduction allowable over five years beginning in 2011-2013.

Adds 85% addback requirement for excess Section 179 expense deductions for taxable years 2010-2011, with corresponding 20% deduction allowable over five years beginning in 2011-2012.

Applies these adjustments to both individual income tax (G.S. 105-130.5) and corporate income tax (G.S. 105-134.6).

Effective upon enactment, with special provision that IRC amendments enacted after May 1, 2010 increasing taxable income for 2010 become effective for taxable years beginning on or after January 1, 2011.