| 12 | 13 | | A BILL TO BE ENTITLED 1 |
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| 13 | 14 | | AN ACT TO MODIFY THE TAXATION OF CERTAIN AMOUNTS OF GAIN IN A 1031 2 |
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| 14 | 15 | | EXCHANGE. 3 |
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| 15 | 16 | | The General Assembly of North Carolina enacts: 4 |
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| 16 | 17 | | SECTION 1. G.S. 105-130.5(b) reads as rewritten: 5 |
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| 17 | 18 | | "(b) The following deductions from federal taxable income shall be made in determining 6 |
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| 18 | 19 | | State net income: 7 |
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| 19 | 20 | | … 8 |
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| 20 | 21 | | (33) Any amount included in federal taxable income as non-like-kind property 9 |
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| 21 | 22 | | received in an exchange under section 1031 of the Code to the extent it does 10 |
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| 22 | 23 | | not exceed the taxpayer's basis in the property sold." 11 |
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| 23 | 24 | | SECTION 2. G.S. 105-153.5(b) reads as rewritten: 12 |
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| 24 | 25 | | "(b) Other Deductions. – In calculating North Carolina taxable income, a taxpayer may 13 |
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| 25 | 26 | | deduct from the taxpayer's adjusted gross income any of the following items that are included in 14 |
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| 26 | 27 | | the taxpayer's adjusted gross income: 15 |
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| 27 | 28 | | … 16 |
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| 28 | 29 | | (17) Any amount included in federal taxable income as non-like-kind property 17 |
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| 29 | 30 | | received in an exchange under section 1031 of the Code to the extent it does 18 |
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| 30 | 31 | | not exceed the taxpayer's basis in the property sold." 19 |
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| 31 | 32 | | SECTION 3. This act is effective for taxable years beginning on or after January 1, 20 |
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| 32 | 33 | | 2025. 21 |
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