More Small Business Tax Relief Could Be on the Way for North Carolina

Date: February 28, 2017

 

If legislation filed last month passes and is approved by Gov. Roy Cooper, North Carolina small businesses could see more tax relief.

House Bill 61, sponsored by Rep. Kyle Hall, would allow small businesses to deduct the first $50,000 in income from their tax returns. Eligible businesses are those earning $1 million of net business income or less per year. And in cases where spouses are both earning net business income and filing jointly, the deduction would apply separately to each spouse’s income.

In a news release, Rep. Hall said, “Small businesses are the backbone of North Carolina’s growing economy. As I travel throughout my district and state, small business owners stress the importance of further tax relief in order to invest in their local economies and grow their businesses. The Small Business Income Tax Relief bill filed today will continue to move our state in a positive direction, making North Carolina an even better place to launch new business and industry.”

Additionally, Rep. Hall is co-sponsoring House Bill 54, the Protect the Hardworking Taxpayers Act, which would remove the $20,000 cap on deducting mortgage interest and property tax from income tax returns. Both HB 54 and HB 61 have been referred to the House Committee on Finance.

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