New NC Law – $50,000 Deduction For Net Business Income

NCDOR

 

 

The North Carolina Department of Revenue has issued a directive to help individuals and tax professionals understand a new deduction for net business income. Passed last year by the General Assembly, the directive addresses how the deduction is administered and who qualifies for the deduction.

The new law allows some individuals a deduction of up to $50,000 of net business income and is available for tax years beginning on or after January 1, 2012.  For more details please view the full directive.

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