NC H973

Updates North Carolina's Internal Revenue Code (IRC) reference from January 1, 2015 to January 1, 2016, with IRC amendments enacted after January 1, 2015 that increase taxable income effective for tax years beginning January 1, 2016 and later.

Modifies Section 179 expense deduction add-back provisions for both corporate and individual income tax to establish permanent dollar and investment limitations: $250,000 and $800,000 for 2010-2012; $25,000 and $200,000 for 2013 and later years.

Decouples from federal provisions regarding charitable contributions (Section 408(d)(8) qualified charitable distributions), mortgage insurance premiums, and qualified tuition deductions for tax years 2014-2016.

Adds decoupling provision for wrongfully incarcerated individuals receiving amounts under Section 139F of the Code to prevent double tax benefits and allows refund claims filed by December 18, 2016 even if otherwise barred by statute.

Creates a special refund period extending through December 18, 2016 for overpayments related to Section 139F income exclusions for tax years prior to 2016.