A BILL TO BE ENTITLED
AN ACT to equalize the income tax treatment of retirement benefits.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑134.6(b)(6) reads as rewritten:
"(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:
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(6)				The amount received during the taxable year from one or more retirement plans, not to exceed a total of four thousand dollars ($4,000) in any taxable year.	  In the case of a married couple filing a joint return where both spouses received retirement benefits during the taxable year, the maximum dollar amount provided in this subdivision for retirement benefits apply separately to each spouse's benefits."
SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2006.