GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

H	1 

HOUSE BILL 12

Short Title:  Update I.R.C. Reference.	(Public)
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Sponsors: Representatives Lilley, Abernethy, Brawley, Hasty; and Bowman.
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Referred to:  Rules.
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February 4, 1991

A BILL TO BE ENTITLED
AN ACT TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE USED TO DETERMINE CERTAIN TAXABLE INCOME AND TAX EXEMPTIONS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-2.1 reads as rewritten:
"§ 105-2.1. Internal Revenue Code definition.
As used in this Article, the term 'Code' means the Internal Revenue Code as enacted as of January 1, 1991, and includes any provisions enacted as of that date which become effective either before or after that date."
Sec. 2.  G.S. 105-114(b)(1) reads as rewritten:
"(1)	The term 'Code' means the Internal Revenue Code as enacted as of January 1, 1991, and includes any provisions enacted as of that date which become effective either before or after that date."
Sec. 3.  G.S. 105-130.2(1) reads as rewritten:
"(1)	'Code' means the Internal Revenue Code as enacted as of January 1, 1991, and includes any provisions enacted as of that date which become effective either before or after that date."
Sec. 4.  G.S. 105-131(b)(1) reads as rewritten:
"(1)	'Code' means the Internal Revenue Code as enacted as of January 1, 1991, and includes any provisions enacted as of that date which become effective either before or after that date."
Sec. 5.  G.S. 105-134.1(1) reads as rewritten:
"(1)	Code.  The Internal Revenue Code as enacted as of January 1, 1991, including any provisions enacted as of that date which become effective either before or after that date. "
Sec. 6.  G.S. 105-134.6(b)(8) reads as rewritten:
"(8)	The amount by which the taxpayer's deductions allowed under the Code were reduced, and the amount of the taxpayer's deductions that were not allowed, because the taxpayer elected a federal tax credit in lieu of a deduction, to the extent that a similar credit is not allowed by this Division for the amount."
Sec. 7.  G.S. 105-134.6(c)(4) reads as rewritten:
"(4)	The amount by which the taxpayer's standard deduction has been increased for inflation under section 63(c)(4) of the Code and the amount by which the taxpayer's personal exemptions have been increased for inflation under section 151(d)(4) of the Code.  For the purpose of this subdivision, if the taxpayer's personal exemptions have been reduced by the applicable percentage under section 151(d)(3) of the Code, the amount by which the personal exemptions have been increased for inflation is also reduced by the applicable percentage."
Sec. 8.  G.S. 105-163.1(1) reads as rewritten:
"(1)	Code. – The Internal Revenue Code as enacted as of January 1, 1991, including any provisions enacted as of that date which become effective either before or after that date."
Sec. 9.  G.S. 105-212(f) reads as rewritten:
"(f)	As used in this section, the term 'Code' means the Internal Revenue Code as enacted as of January 1, 1991, and includes any provisions enacted as of that date which become effective either before or after that date."
Sec. 10.  This act is effective for taxable years beginning on or after January 1, 1991.