S833 - Main Street Resilience Act

• Small business owners can deduct up to $75,000 of net business income from North Carolina taxable income for each tax year.
• Married couples filing jointly where both spouses have net business income can each deduct up to $75,000 separately, for a combined maximum of $150,000.
• Small business is defined as an independently owned and operated business with 50 or fewer employees (including related persons) and annual revenues less than $5,000,000.
• Passive income is excluded from the business income deduction eligibility.
• The tax relief is effective for taxable years beginning on or after January 1, 2025.