NC S64

Updates North Carolina's Internal Revenue Code reference from January 1, 2012 to January 2, 2013, incorporating federal tax law changes as of that date.

Extends special accelerated depreciation deduction adjustments and Section 179 expense deduction adjustments through tax year 2013, with 20% deductions allowed over five years beginning in 2014.

Reduces the Work Opportunity Tax Credit from 6% to 3% for tax year 2013 only, reverting to 6% for other years.

Reduces the Earned Income Tax Credit from 5% to 4.5% for tax year 2013 only, reverting to 5% for other years.

Decouples from four federal provisions of the American Taxpayer Relief Act of 2012 for tax year 2013: qualified tuition deductions, qualified charitable distributions from IRAs, discharged principal residence indebtedness exclusions, and mortgage insurance premium deductions.