Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 10
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41G.S. 105-134.6(c)(11) – Real Property Tax Add-Back by Nonitemizers: Repealed.
This federal deduction was in addition to the basic federal standard deduction and was
available for tax years 2008 and 2009.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(c),
S.L. 11-145.)
G.S. 105-134.6(c)(12) – Motor Vehicle Sales Tax Add-Back: Repealed. House Bill
200 removed the reference to Code section 63(c)(1)(E). Senate Bill 267 repealed this
subdivision and added a reference to qualified motor vehicle tax under G.S. 105-
134.6(c)(3).
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(c),
S.L. 11-145.)
(Effective for taxable years beginning on or after January 1, 2012; SB 267, s. 12(e),
S.L. 11-330.)
G.S. 105-134.6(d) – Other Adjustments: This subsection was rewritten to make
reference to adjusted gross income.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(c),
S.L. 11-145.)
G.S. 105-134.6(d)(9) – Modifications to Adjusted Gross Income – Other
Adjustments: This subdivision was added in the event Congress does not extend the
$250 educator expense deduction that expired after 2011 at the federal level. If the
federal educator expense deduction is not extended, this adjustment allows an eligible
educator a deduction for certain expenses on the North Carolina individual income tax
return.
An eligible educator may deduct an amount not to exceed $250 for the total cost of (a.)
books, (b.) supplies, other than nonathletic supplies for courses of instruction in health
or physical education, (c.) computer equipment, including related software and services,
and (d.) supplementary materials used by the eligible educator in the classroom.
“Eligible educator” has the same meaning as defined in section 62 of the Code, as it
existed on December 31, 2011. In the case of a married couple filing a joint return
where both spouses are eligible educators, the maximum deduction is $500 (up to $250
for each spouse).
(Effective for taxable years beginning on or after January 1, 2012; HB 1015, s. 2.(a),
S.L. 12-74.)
G.S. 105-151.26 – Credit for Charitable Contributions by Nonitemizers: This
section has been rewritten to allow a taxpayer, who elects the North Carolina standard
deduction, a tax credit against North Carolina individual income tax for an amount equal
to 7% of the taxpayer‟s excess charitable contributions. Excess charitable contributions
4
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form E-505 - Tax Law Changes - North Carolina Department Of Revenue - 2012
Financial
Form D-422 - Underpayment Of Estimated Tax By Individuals - North Carolina Department Of Revenue - 1998
Financial
North Carolina Department Of Revenue (form Nc 8633) Application To Participate In The Electronic Filing Program
Financial
Form E-585s - Incentive Claim For Refund State And County Sales And Use Taxes Form - North Carolina Department Of Revenue - North Carolina
Financial
Form Nc-478b - 2012 Tax Credit Investing In Machinery And Equipment - North Carolina Department Of Revenue
Financial
Instructions For Form Nc-478 Series - Summary Of Tax Credit Limited To 50% Of Tax - North Carolina Department Of Revenue
Financial
Related Categories
Parent category: Financial