Bill Text: NC H61 | 2017-2018 | Regular Session | Amended


Bill Title: Small Business Income Tax Relief

Spectrum: Partisan Bill (Republican 21-1)

Status: (Introduced - Dead) 2017-02-09 - Ref To Com On Finance [H61 Detail]

Download: North_Carolina-2017-H61-Amended.html

GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2017

H                                                                                                                                                    1

HOUSE BILL 61

 

 

Short Title:      Small Business Income Tax Relief.

(Public)

Sponsors:

Representatives K. Hall, Saine, Brenden Jones, and Boswell (Primary Sponsors).

For a complete list of sponsors, refer to the North Carolina General Assembly web site.

Referred to:

Finance

February 9, 2017

A BILL TO BE ENTITLED

AN ACT to provide income tax relief for small businesses.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑153.5(b) is amended by adding a new subdivision to read:

"(12)    An amount not to exceed fifty thousand dollars ($50,000) of net business income the taxpayer receives during the taxable year if the taxpayer is a small business. 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 one hundred thousand dollars ($100,000). For purposes of this subdivision, the term "business income" does not include income that is considered passive income under the Code and the term "small business" is a business whose annual receipts, combined with the annual receipts of all related persons, for the taxable year did not exceed one million dollars ($1,000,000)."

SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2017.

feedback