North Carolina General Assembly Enacts House Bill 998

The North Carolina General Assembly recently enacted House Bill 998, which becomes effective for taxable years beginning on or after January 1, 2014. Under this new law, taxpayers may no longer claim a personal exemption for themselves, their spouse, children, or any other qualifying dependents. Additionally, many deductions and tax credits that impact North Carolina withholding tax are no longer available for tax years beginning on or after January 1, 2014.

The North Carolina Medical Society (NCMS) suggests that NCMS members check with their tax professionals on how this new ruling might affect them.

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