NC S726

Updates North Carolina's reference to the Internal Revenue Code from January 1, 2015 to January 1, 2016, including provisions that become effective before or after that date.

Modifies Section 179 expense deductions by removing year-by-year tables and establishing permanent dollar limitation of $25,000 and investment limitation of $200,000 for taxable years beginning on or after 2013 (with higher limits for 2010-2012).

Extends decoupling provisions for taxable years 2014-2016 related to discharge of qualified principal residence indebtedness, qualified tuition deductions, and qualified charitable distributions from individual retirement plans.

Extends mortgage interest and property tax deduction limitations to taxable years 2014-2016 with a combined cap of $20,000 and excludes mortgage insurance premiums for these years.

Creates a refund provision allowing claims for Section 139F overpayments from taxable years prior to 2016 to be filed through December 18, 2016, regardless of normal statute of limitations.