Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 7
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
411
SECTION
PERSONAL TAXES
INDIVIDUAL INCOME TAX
G.S. 105-134.1 – Definitions of Adjusted Gross Income and Taxable Income: This
subsection was rewritten to add the definition of adjusted gross income as defined in
section 62 of the Code and to remove the definition for taxable income.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(a),
S.L. 11-145.)
G.S. 105-134.4 – Definition of Taxable Year: Repealed.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(d),
S.L. 11-145.)
G.S. 105-134.5 – North Carolina Taxable Income Defined: The term “North Carolina
taxable income” means adjusted gross income as modified in G.S. 105-134.6.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(b),
S.L. 11-145.)
G.S. 105-134.5(b) and (c) – North Carolina Taxable Income Defined for
Nonresidents and Part-year residents: This subsection was amended to remove the
word “adjusted” when referring to the calculation of the numerator and denominator. As
a result of this technical change, nonresidents and part-year residents will continue to
use gross income, as modified, rather than adjusted gross income, as modified, in
determining the North Carolina proration percentage.
(Effective June 26, 2012; SB 826, s. 1.2, S.L. 12-79.)
G.S. 105-134.5(e) – Tax Year Defined: This new subsection was added to replace the
former definition of taxable year as defined under G.S. 105-134.4, which has been
repealed.
(Effective for taxable years beginning on or after January 1, 2012; HB 200, s. 31A.1.(b),
S.L. 11-145.)
1
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