NC H82

Updates North Carolina's reference to the Internal Revenue Code from January 1, 2012 to January 2, 2013, establishing the baseline for state tax provisions.

Extends special accelerated depreciation deductions under IRC sections 168(k) and 168(n) through taxable year 2013 (previously ending in 2012) with 85% add-back and 20% deduction phase-out over five years.

Extends section 179 expense deductions for property placed in service in 2012-2013, allowing taxpayers to add back 85% of amounts exceeding what would have been allowed under 2010 law, with 20% deductions over five years.

Reduces tax credits for 2013 only: work opportunity credit from 6% to 3%, earned income credit from 5% to 4.5%, and adoption expense credit from 50% to 30%.

Decouples from four provisions of the American Taxpayer Relief Act of 2012 for taxable year 2013: section 222 qualified tuition deductions, section 408(d)(8) charitable distributions from IRAs, section 108 mortgage debt discharge exclusions, and section 163 mortgage insurance premium deductions.