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NC H957
Bill
Status
Introduced
4/25/2019
Primary Sponsor
Jean Farmer-Butterfield
Click for details
AI Summary
- Allows small business owners to exclude up to $50,000 of net business income from North Carolina income tax per taxable year
- 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 "small business" as a business with annual receipts of $1,000,000 or less when combined with related persons' receipts
- Excludes passive income from the tax relief benefit
- Effective for taxable years beginning on or after January 1, 2019
Legislative Description
Small Business Income Tax Relief
Last Action
Ref to the Com on Finance, if favorable, Rules, Calendar, and Operations of the House
4/26/2019
Committee Referrals
Finance4/26/2019
Full Bill Text
No bill text available