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NC H277
Bill
Status
Introduced
3/5/2019
Primary Sponsor
Kyle Hall
Click for details
AI Summary
- Allows small businesses to exclude up to $50,000 of net business income from state income tax in North Carolina
- For married couples filing jointly where both spouses have business income, each spouse can exclude up to $50,000 separately, with a combined maximum of $100,000
- Defines a "small business" as one with annual receipts not exceeding $1,000,000 when combined with receipts of all related persons
- Excludes passive income from the deduction and applies the relief to taxable years beginning on or after January 1, 2019
Legislative Description
Small Business Income Tax Relief
Last Action
Ref to the Com on Commerce, if favorable, Finance, if favorable, Rules, Calendar, and Operations of the House
3/6/2019
Committee Referrals
Commerce3/6/2019
Full Bill Text
No bill text available