GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	2 

SENATE BILL 78
Corrected Copy 1/31/95

Short Title:  Index Personal Exemptions.	(Public)

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Sponsors: Senators Kincaid, Cochrane, McDaniel, Webster; Carrington, Foxx, and Carpenter.

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Referred to:  Finance.

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January 30, 1995

A BILL TO BE ENTITLED
AN ACT TO INCREASE THE INCOME TAX PERSONAL EXEMPTION AMOUNT FROM TWO THOUSAND DOLLARS TO TWO THOUSAND FIVE HUNDRED DOLLARS, THE SAME AS THE FEDERAL PERSONAL EXEMPTION AMOUNT, AND TO PROVIDE THAT THE AMOUNT WILL INCREASE AUTOMATICALLY EACH YEAR TO ACCOUNT FOR INFLATION.
The General Assembly of North Carolina enacts:
Section 1.  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.  ."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1995.