Bill Summaries: H846 (2015-2016 Session)

Tracking:
  • Bill H 846 (2015-2016)
    Summary date: Apr 14 2015 - View summary

    Amends GS 105-153.5 to allow a deduction from the corporate income tax of up to $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, of $200,000 or less. Provides that 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 $50,000.

    Effective for taxable years beginning on or after January 1, 2015.
    Business and Commerce, Government, Tax
    GS 105

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