NC H54

Removes the $20,000 annual cap on North Carolina state income tax deductions for mortgage interest and property taxes paid on qualified residences.

Eliminates the $20,000 combined limit that previously applied to married couples filing jointly or separately for mortgage interest and real estate taxes.

Removes the requirement to prorate mortgage interest and property tax deductions between spouses based on percentage paid or income reported when both exceed the cap.

Effective for taxable years beginning on or after January 1, 2017.