NC H114

Defines "retirement plan" in North Carolina tax code to include state, local, and federal government retirement plans, as well as individual retirement plans and IRAs.

Creates a phased tax deduction for government retirees vested before specified dates, beginning in 2015 with full deduction available by 2024 for those vested on or before August 2016.

Allows deduction of amounts received from North Carolina and federal government retirement plans starting in 2024.

Allows deduction of amounts received from other states' government retirement plans starting in 2024, but only to the extent those states would not tax equivalent North Carolina government retirement benefits.

Section 2 provisions expire January 1, 2024, when Section 3 provisions take effect.