NC S348

Defines "retirement plan" in North Carolina tax code to include written retirement plans established by employers or self-employed individuals, individual retirement accounts under the Internal Revenue Code, and volunteer worker plans.

Creates a phase-in deduction for government retirees vested in state, local, or federal retirement plans between August 1992 and August 2016, allowing full deduction of retirement income starting in tax year 2023.

Allows full deduction of amounts received from North Carolina state and local government retirement plans and federal government retirement plans beginning January 1, 2024.

Allows deduction of amounts received from other states' government retirement plans to the extent that the other state would not tax equivalent North Carolina retirement benefits, effective January 1, 2024.

Phase-in deduction provision (Section 2) expires December 31, 2023 and is replaced by the full deduction provisions (Section 3) for tax years beginning January 1, 2024.