GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	1 

HOUSE BILL 1513

Short Title:  Private Retirees Tax Break.	(Public)

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Sponsors: Representatives Brawley; Aldridge, Baker, Berry, Bowie, Brown, Buchanan, Cansler, Capps, Carpenter, Culp, Daughtry, Davis, Eddins, Gulley, Hardy, Hiatt, Howard, Hurley, Justus, Morgan, Morris, Nichols, Rayfield, Smith, Starnes, Weatherly, C. Wilson, and G. Wilson.

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Referred to:  Finance.

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May 26, 1998

A BILL TO BE ENTITLED
AN ACT TO ALLOW PRIVATE RETIREES THE $4,000 PENSION TAX EXEMPTION CURRENTLY ALLOWED TO PUBLIC RETIREES.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-134.6(b)(6) reads as rewritten:
"(6)	The amount received during the taxable year from one or more retirement plans, not to exceed four thousand dollars ($4,000) for the taxable year.  In the case of a married couple filing a joint return where both spouses received retirement benefits during the taxable year, the four thousand dollar ($4,000) maximum applies separately to each spouse's benefits.
				."
Section 2.  This act is effective for taxable years beginning on or after January 1, 1998.