FILED SENATE
Apr 6, 2021
GENERAL ASSEMBLY OF NORTH CAROLINA
S.B. 591
SESSION 2021 PRINCIPAL CLERK
S D
SENATE BILL DRS45243-MCf-125
Short Title: Business Income Tax Deduction. (Public)
Sponsors: Senators Garrett, deViere, and Salvador (Primary Sponsors).
Referred to:
1 A BILL TO BE ENTITLED
2 AN ACT TO ALLOW A BUSINESS INCOME TAX DEDUCTION.
3 The General Assembly of North Carolina enacts:
4 SECTION 1. G.S. 105-153.5(b) is amended by adding a new subdivision to read:
5 "(15) An amount not to exceed seventy-five thousand dollars ($75,000) of net
6 business income the taxpayer receives during the taxable year. In the case of
7 a married couple filing a joint return where both spouses receive or incur net
8 business income, the maximum dollar amounts apply separately to each
9 spouse's net business income, not to exceed a total of one hundred fifty
10 thousand dollars ($150,000). For purposes of this subdivision, the term
11 "business income" does not include income that is considered passive income
12 under the Code."
13 SECTION 2. This act is effective for taxable years beginning on or after January 1,
14 2021.
*DRS45243-MCf-125*


Statutes affected:
Filed: 105-153.5
Edition 1: 105-153.5