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NC S585
Bill
AI Summary
- Allows North Carolina taxpayers to deduct income received from selling real property located in the state to a nonprofit organization from their state taxable income
- Property must have been owned by the taxpayer for at least two years prior to the sale to qualify
- Maximum deduction amounts vary by filing status: $50,000 for married filing jointly/surviving spouse, $35,000 for head of household, and $25,000 for single or married filing separately
- Effective for taxable years beginning on or after January 1, 2024
Legislative Description
Cap. Gains Forgiveness for Sale of Real Prop
Individual Income
Last Action
Ref To Com On Rules and Operations of the Senate
4/5/2023
Committee Referrals
Rules and Operations of the Senate4/5/2023
Full Bill Text
No bill text available