North Carolina Governor Signs Law Decoupling From Federal CARES Act Provisions

The North Carolina Governor June 30 signed a law decoupling from various provisions of the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act and making other tax changes for individual income, corporate income, sales and use, excise, and trust income tax purposes. The law includes measures: 1) decoupling from a temporary increase of the federal tax code limit on deductions for business interest payments to 50 percent from 30 percent of adjusted taxable income; 2) reducing the threshold for the medical expense deduction to 7.5 percent from 10 percent; 3) decoupling from additional CARES Act modifications to limits on ...