NC Small Business Tax Break –
With the passing of the state’s new $19.7 billion budget, the North Carolina General Assembly passed a new law that will allow North Carolina companies to deduct the first $50,000 in net business income from their taxable income on the state return.
Beginning with their 2012 tax return, North Carolina partnerships, S-corps and proprietorships will be able to write off the first $50,000 of net business income. Legislators are hoping that this tax break will generate job growth for North Carolina’s economy through these employers.
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Mark Vitek, CPA/PFS, CFP®
…until next week.