FILED SENATE
Apr 4, 2023
GENERAL ASSEMBLY OF NORTH CAROLINA
S.B. 585
SESSION 2023 PRINCIPAL CLERK
S D
SENATE BILL DRS15259-NIf-146
Short Title: Cap. Gains Forgiveness for Sale of Real Prop. (Public)
Sponsors: Senators Batch, Garrett, and Chaudhuri (Primary Sponsors).
Referred to:
1 A BILL TO BE ENTITLED
2 AN ACT TO ALLOW AN INCOME TAX DEDUCTION FOR INCOME RECEIVED FROM
3 THE SALE OF REAL PROPERTY.
4 The General Assembly of North Carolina enacts:
5 SECTION 1. G.S. 105-153.5(b) reads as rewritten:
6 "(b) Other Deductions. – In calculating North Carolina taxable income, a taxpayer may
7 deduct from the taxpayer's adjusted gross income any of the following items that are included in
8 the taxpayer's adjusted gross income:
9 …
10 (17) The amount received by a taxpayer from the sale of real property located in
11 this State to a nonprofit organization, when such property has been owned by
12 the taxpayer for at least two years prior to the sale, up to the maximum
13 deduction amount listed in the table below based on the taxpayer's filing
14 status:
15 Filing Status Maximum Deduction Amount
16 Married, filing jointly/surviving spouse $50,000
17 Head of Household $35,000
18 Single $25,000
19 Married, filing separately $25,000."
20 SECTION 2. This act is effective for taxable years beginning on or after January 1,
21 2024.
*DRS15259-NIf-146*


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