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NC H901
Bill
Status
Introduced
4/15/2015
Primary Sponsor
Kenneth Waddell
Click for details
AI Summary
- Allows farmers to deduct up to $25,000 of net business income from taxable income if they meet specified criteria.
- Requires farmers to demonstrate engagement in farming operations, have annual gross income of $250,000 or less (combined with related persons), maintain three or more full- or part-time positions, and be located in a development tier one or two area.
- Married couples filing jointly where both spouses receive business income may deduct up to $50,000 total, with the $25,000 limit applying separately to each spouse.
- Excludes passive income from the definition of business income eligible for the deduction.
- Effective for taxable years beginning January 1, 2015, and expires for taxable years beginning January 1, 2019.
Legislative Description
Agribusiness Income Tax Exemptions
Last Action
Ref To Com On Finance
4/16/2015
Committee Referrals
Finance4/16/2015
Full Bill Text
No bill text available