NC S752

Amends North Carolina income tax law to allow small business owners a deduction of up to $50,000 in net business income from their taxable income.

Deduction is limited to taxpayers with no more than $250,000 in gross receipts during the taxable year.

For married couples filing jointly where both spouses have net business income, the $50,000 maximum deduction applies separately to each spouse.

Excludes passive income from the definition of business income eligible for this deduction.

Effective for taxable years beginning on or after January 1, 2016.