NC H994

Updates North Carolina's Internal Revenue Code reference from January 1, 2015 to January 1, 2016, affecting tax provisions related to section 179 property deductions for businesses.

Extends the ability for North Carolina taxpayers to deduct charitable contributions from individual retirement plans (qualified charitable distributions) for taxable years 2014 and beyond.

Decouples North Carolina income tax from certain federal tax provisions including discharge of qualified principal residence indebtedness (sections 108 and 139F of the Internal Revenue Code) for taxable years 2014-2016.

Limits the deduction for mortgage interest and property taxes to $20,000 combined for taxable years 2014, 2015, and 2016, excluding mortgage insurance premiums.

Allows refund claims for wrongfully incarcerated individuals under section 139F of the Code for pre-2016 taxable years if filed by December 18, 2016, notwithstanding normal statute of limitations.