A BILL TO BE ENTITLED
AN ACT to provide a small business income tax exemption.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑131.1 is amended by adding a new subsection to read:
"(a1)	Before computing the income attributable to the State, an S Corporation may subtract from income twenty‑five thousand dollars ($25,000)."
SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2006.