Bill Summaries: H901 (2015-2016 Session)

Tracking:
  • Bill H 901 (2015-2016)
    Summary date: Apr 20 2015 - View summary

    Under current law, GS 105-153.5(b) provides that in calculating North Carolina taxable income, a taxpayer may make other deductions from the taxpayer's adjusted gross income (AGI) as indicated in this subsection. Amends the subsection to include a new subdivision (10) to provide that a taxpayer in the business of farming and who meets additional requirements as specified in this subdivision may deduct up to $25,000 from the taxpayer's AGI.

    Effective for taxable years beginning on or after January 1, 2015, and expires for taxable years beginning on or after January 1, 2019.
    Agriculture, Government, Tax
    GS 105

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