Bill Summaries: S719 (2011-2012 Session)

Tracking:
  • Bill S 719 (2011-2012)
    Summary date: Apr 19 2011 - View summary

    Adds new GS 105-134.2(c) specifying that the tax rate imposed on the net business income of a taxpayer who receives income as an individual from a small business may not exceed the rate imposed on a corporation. Defines small business as a business whose cumulative gross receipts do not exceed $850,000 in a year, excluding passive income. Effective for taxable years beginning on or after January 1, 2011.
    Business and Commerce, Tax
    GS 105

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