GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	1
HOUSE BILL 513

 
 
Short Title:	Expand Bank Deduction to All.	()	
Sponsors:	Representative Buchanan.	
Referred to:	Finance.	
March 7, 2001

A BILL TO BE ENTITLED
AN ACT to allow all taxpayers to take the same interest expense deduction currently allowed for banks.

The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑130.5(a)(2) reads as rewritten:
"(a)	The following additions to federal taxable income shall be made in determining State net income:
…
(2)	Interest paid in connection with  income, other than interest income, exempt from taxation under this Part;".
SECTION 2.  G.S. 105‑134.6(b) is amended by adding a new subdivision to read:
"(b)	Deductions. – The following deductions from taxable income shall be made in calculating North Carolina taxable income, to the extent each item is included in taxable income:
…
(16)	Interest paid in connection with interest income exempt from taxation under this Part."
SECTION 3.  This act becomes effective for taxable years beginning on or after January 1, 2001.