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NC S591
Bill
Status
Introduced
4/6/2021
Primary Sponsor
Michael Garrett
Click for details
AI Summary
- Allows individual taxpayers to deduct up to $75,000 of net business income from North Carolina state income tax per taxable year
- Permits married couples filing jointly to each deduct up to $75,000 separately, with a combined maximum deduction of $150,000
- Excludes passive income from the definition of "business income" eligible for the deduction
- Applies to taxable years beginning on or after January 1, 2021
- Sponsored by Senators Garrett, deViere, and Salvador
Legislative Description
Business Income Tax Deduction
Public
Last Action
Ref To Com On Rules and Operations of the Senate
4/7/2021
Committee Referrals
Rules and Operations of the Senate4/7/2021
Full Bill Text
No bill text available