Directive Issued to Help Individuals, Tax Professionals with New Deduction
Date: June 6, 2012
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 by the General Assembly last year. The directive addresses how the deduction is administered, who qualifies for the deduction and what types of business income are eligible.
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 detailed information on eligibility and requirements, please view the full directive.
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