Representative Kyle Hall filed legislation this week providing tax relief for North Carolina small businesses. House Bill 61, Small Business Income Tax Relief, allows small businesses to deduct their first $50,000 of income.
Hall said in a written statement, “Small businesses are the backbone of North Carolina’s growing economy. As I travel throughout my district and state, small business owners stress the importance of further tax relief in order to invest in their local economies and grow their businesses. The Small Business Income Tax Relief bill filed today will continue to move our state in a positive direction, making North Carolina an even better place to launch new business and industry.”
Joining Rep. Hall as primary sponsors of House Bill 61 are House Finance Senior Chairman Jason Saine (R-Lincoln), Reps. Brenden Jones (R-Columbus) and Beverly Boswell (R-Dare).
Chairman Saine released the following statement, “I’m proud to be a sponsor of this legislation with Representative Hall. Small businesses across the state are truly the life blood of what continues to make our economy successful. This reinvestment demonstrates our continued commitment to our state’s greatest job providers.”
House Bill 61 reinstates the income tax benefit for businesses providing that the first $50,000 of net business income is deductible. The act applies to those businesses with $1 million of net business income per year or less, ensuring that our state’s smallest businesses receive this needed relief.
In addition to introducing H.B. 61, Rep. Hall is a co-sponsor of House Bill 54, Protect the Hardworking Taxpayers Act. This fundamental tax cut will lift the $20,000 cap on the mortgage interest and property tax deduction – helping our citizens attain the American Dream of homeownership.