House Bill 399 Summary

• Allows taxpayers age 70½ or older to deduct qualified charitable distributions from IRAs for taxable years 2014 through 2018, decoupling North Carolina from federal income exclusion rules.

• Establishes a deduction for amounts received as economic incentives under specified state programs, effective for taxable years beginning January 1, 2019.

• Extends the historic rehabilitation tax credit sunset from January 1, 2020 to January 1, 2024, and creates a new 40% credit for rehabilitated railroad stations meeting specific criteria, to be claimed in two equal installments for taxable years 2021 and 2022.

• Extends sales tax exemptions for qualifying airlines and professional motorsports teams from January 1, 2020 to January 1, 2024.

• Extends the Dry-Cleaning Solvent Cleanup Act from January 1, 2022 to January 1, 2032 and appropriates $12.5 million for tax systems upgrades and $4.4 million annually for fraud analysis services through the Collections Assistance Fee Special Fund.