Bill Text: NC H505 | 2015-2016 | Regular Session | Amended
Bill Title: Small Business Tax Relief Act
Spectrum: Moderate Partisan Bill (Democrat 19-5)
Status: (Introduced - Dead) 2015-04-02 - Ref to the Com on Commerce and Job Development, if favorable, Finance [H505 Detail]
Download: North_Carolina-2015-H505-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
H 1
HOUSE BILL 505
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Short Title: Small Business Tax Relief Act. |
(Public) |
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Sponsors: |
Representatives Alexander, Boles, Goodman, and Iler (Primary Sponsors). For a complete list of Sponsors, refer to the North Carolina General Assembly Web Site. |
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Referred to: |
Commerce and Job Development, if favorable, Finance. |
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April 2, 2015
A BILL TO BE ENTITLED
AN ACT to provide tax relief for small businesses.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑153.5(b) is amended by adding a new subdivision to read:
"(b) Other Deductions. – In calculating North Carolina taxable income, a taxpayer may deduct from the taxpayer's adjusted gross income any of the following items that are included in the taxpayer's adjusted gross income:
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(10) An amount not to exceed twenty‑five thousand dollars ($25,000) of net business income the taxpayer receives during the taxable year if the taxpayer has annual receipts, combined with the annual receipts of all related persons, as defined in G.S. 105‑163.010, of eight hundred thousand dollars ($800,000) or less. In the case of a married couple filing a joint return where both spouses receive or incur net business income, the maximum dollar amounts apply separately to each spouse's net business income, not to exceed a total of fifty thousand dollars ($50,000). For purposes of this subdivision, the term "business income" does not include income that is considered passive income under the Code."
SECTION 2. This act is effective for taxable years beginning on or after January 1, 2015.
