NC H911

Allows taxpayers to deduct amounts added to federal taxable income under section 108(b)(1) of the Internal Revenue Code and amounts claimed under section 67(b)(9) related to claim of right restorations for taxable years beginning on or after January 1, 2014.

Requires taxpayers to add to North Carolina taxable income the amount of net operating loss carried to and deducted on the federal return but not absorbed in that year and carried forward to subsequent years for taxable years beginning on or after January 1, 2015.

Redefines "Individual" in G.S. 105-163.1 to reference G.S. 105-153.3 and modifies the definition of "Wages" to exclude only employee reimbursements for ordinary and necessary business expenses.

Expands the definition of air transportation corporations to include qualified air freight forwarders that are airline affiliates and requires them to use their affiliated airline's revenue ton mile fraction for apportionment purposes.

Repeals exemptions from sales tax storage definition that allowed purchasers to avoid tax when property was designated for use outside the State or incorporated into property used outside the State.