NC H893

Allows qualified business entities to subtract $50,000 from State net income before computing individual income tax under G.S. 105-134.2(a).

Defines qualified business entities as those that are neither publicly traded corporations nor affiliates of publicly traded corporations.

Applies to taxable years beginning on or after January 1, 2011.

Does not affect the existing individual income tax rate structure for married couples filing jointly, heads of households, unmarried individuals, or married individuals filing separately.