NC Small Business Tax Break – New Law

NC Small Business Tax Break –
New Law

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.

Questions or Comments?

You can add comments on the blog, call 919-847-2981, or visit our web site. We look forward to hearing from you.

Mark Vitek, CPA/PFS, CFP®

…until next week.

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