Bill Summaries: H473 (2011-2012 Session)

Tracking:
  • Summary date: Jun 3 2011 - View summary

    House committee substitute makes the following changes to 1st edition.
    Amends GS 105-134.6(b) by enacting new subdivision (5c) to provide for a 10-year phase-in of a full state income tax deduction for all state, local, and federal government retirees’ pensions beginning with the 2011 taxable year and complete as of the 2020 taxable year. Bases the phase-in period on the retiree’s vesting date in the retirement plan. Effective for taxable years beginning on or after January 1, 2011, and repealed for taxable years beginning on or after January 1, 2020.
    Makes GS 105-134.1(13), as amended in this act, effective when it becomes law (was, effective for taxable years beginning on or after January 1, 2011).
    Makes GS 105-134.6(b) as amended in the 1st edition concerning governmental retirees from other states, effective for taxable years beginning on or after January 1, 2020 (was, effective for taxable years beginning on or after January 1, 2011).


  • Summary date: Mar 24 2011 - View summary

    Enacts new subsections (6a) and (6b) to GS 105-134.6(b), which lists deductions from taxable income, to add deductions to the list as follows. (1) The amount received during the taxable year under NC state and local government retirement plans and under federal government retirement plans. (2) The greater of: (a) the amount received during the taxable year under a state or local government retirement plan of a state other than NC, to the extent the other state would not subject to individual income tax the equivalent amount received under a NC state or local government retirement plan or (b) up to $4,000 received during the taxable year under a state or local government retirement plan of a state other than North Carolina; for married couples filing a joint return, the maximum dollar amount applies separately to each spouse’s benefits if both spouses received benefits from a retirement plan. Makes conforming changes.
    Amends GS 105-134.1(13), clarifying the definition for retirement plan (was, retirement benefits) to include an individual retirement plan as defined under the Internal Revenue Code (Code) and any plan treated as an individual retirement plan under the Code (was, includes amounts received from an individual retirement account, as described in the Code, or from an individual retirement annuity as described). Makes other clarifying changes.
    Effective for taxable years beginning on or after January 1, 2011.