NC H75

Adds a new definition of "retirement plan" to North Carolina tax law that includes employer-established retirement plans, self-employed individual retirement plans, and individual retirement accounts as defined in the federal tax code, with volunteer workers included as "employees."

Creates a new tax deduction for taxpayers receiving payments from State, local, or federal government retirement plans during the taxable year.

Limits the deduction to the lesser of $3,000 multiplied by the number of years the taxpayer has claimed the deduction or a maximum of $30,000 total.

Takes effect for taxable years beginning January 1, 2021 and thereafter.