Retroactive tax code changes may affect some NC returns

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WINSTON-SALEM, N.C. — Some North Carolina taxpayers will have to amend their 2014 state tax return or scramble to make last-minute adjustments because of changes to the state’s tax code that went into effect March 31.

Senate Bill 20, which was signed into law by Gov. Pat McCrory, is known primarily as fuel tax legislation because it lowered the state’s gas tax by a half-cent to 36 cents a gallon on April 1 and to 35 cents on Jan. 1, 2016.

That change, along with a new formula that eventually will raise the gas tax, was grafted into the bill after it was introduced as a vehicle for adjusting the tax code.

Those adjustments included removing taxpayer eligibility for a federal tax deduction on three income categories.

Read more: Winston-Salem Journal

 

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