Bill Summaries: S585 (2023-2024 Session)

Tracking:
  • Bill S 585 (2023-2024)
    Summary date: Apr 4 2023 - View summary

    Amends GS 105-153.5 to allow an income tax deduction of the amount the taxpayer received from the sale of real property in North Carolina to a nonprofit, when the taxpayer owned the property for at least two years before the sale. Sets out the maximum deduction amount, ranging from $25,000 to $50,000 depending on filing status. Effective for taxable years beginning on or after January 1, 2024.
    Development, Land Use and Housing, Property and Housing, Government, Tax
    GS 105

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