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NC S482
Bill
AI Summary
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Allows individual taxpayers to deduct up to $75,000 of net business income from their North Carolina state income tax
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Married couples filing jointly may each deduct up to $75,000 separately, with a combined maximum deduction of $150,000
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Excludes passive income from the deduction, defining deductible business income as only active business income under the Internal Revenue Code
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Effective for taxable years beginning on or after January 1, 2023
Legislative Description
Business Income Tax Deduction
Individual Income
Last Action
Ref To Com On Rules and Operations of the Senate
4/4/2023
Committee Referrals
Rules and Operations of the Senate4/4/2023
Full Bill Text
No bill text available