Bill Summaries: S818 (2015-2016 Session)

Tracking:
  • Summary date: May 18 2016 - View summary

    Senate committee substitute makes the following changes to the 1st edition.

    Changes the standard deduction amounts that a taxpayer may deduct from adjusted gross income in calculating North Carolina taxable income, based on filing status, as follows: Married, filing jointly/surviving spouse standard deduction is $16,500; head of household standard deduction is $13,200; single standard deduction is $8,250; and married, filing separately standard deduction is $8,250. Effective for taxable years beginning on or after January 1, 2016.

    Amends GS 105-153.5(a)(1), effective for taxable years beginning on or after January 1, 2017, by increasing the standard deduction amounts that a taxpayer may deduct from adjusted gross income in calculating North Carolina taxable income, based on filing status, as follows: Married, filing jointly/surviving spouse standard deduction is $17,500; head of household standard deduction is $14,000; single standard deduction is $8,750; and married, filing separately standard deduction is $8,750 (these are the amounts that were effective January 1, 2016, in the previous edition). 

    Provides that, notwithstanding GS 105-163.2 (requiring employers to withhold taxes), the Department of Revenue is not required to adjust the withholding tables applicable for the 2016 taxable year.

    Changes long title.


  • Summary date: May 5 2016 - View summary

    Amends GS 105-153.5(a) concerning the deduction a taxpayer may deduct from their adjusted gross income in calculating North Carolina taxable income.  Specifically, increases each standard deduction amount for all taxpayers who are eligible for a standard deduction under section 63 of the Internal Revenue Code, based on status, as follows: for married, filing jointly/surviving spouse the standard deduction is $17,500 (was, $15,500); for head of household the standard deduction is $14,000 (was, $12,400); for single the standard deduction is $8,750 (was, $7,750); and for married, filing separately the standard deduction is $8,750 (was, $7,750).  

    Effective for taxable years beginning on or after January 1, 2016.