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Jim Hanrahan  
#81 Posted : Tuesday, July 2, 2013 7:03:15 PM(UTC)
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Ony July 1, 2013 the NC Senate passed a slightly different version of H998 (version 5). This will now have to be reconciled with the version passed by the NC House H998v3.

LInk to Senate Finance Bill H998v5

The big item is that it maintains the Bailey Decision exemption for Federal pensions and TSP vested by the 1980's. See page 4.

Although it allows itemized deductions for mortgage interest and property taxes, it limits those to the same as the standard deduction ($7,500 single, $15,000 married). So the way I read it, the only way to have itemized deductions larger than the standard deduction is to have charitable contributions. See page 3.
TotallyRetired  
#82 Posted : Tuesday, July 2, 2013 9:05:58 PM(UTC)

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EngineerJim wrote:
... the only way to have itemized deductions larger than the standard deduction is to have charitable contributions. See page 3.


My take on this is that the proposed changes to the state tax code encourage mortgage-free home ownership.

--Possibly Dave Ramsey's wealth-building principles underlie this thinking.     
Lynne Lawrence  
#83 Posted : Tuesday, July 2, 2013 9:11:04 PM(UTC)
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That's fine by me. The tax break on my pension is a significant benefit

Here in KY we have the first 40k excluded from state income tax and that is on the table to be done away with since this state cannot efficiently manage money.

TotallyRetired  
#84 Posted : Tuesday, July 2, 2013 9:42:15 PM(UTC)

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italy4me wrote:
The tax break on my pension is a significant benefit...


Agree.

It seems that NC will benefit if residents use their pension to buy stuff in the State rather than send it off for mortgage interest.
scmky  
#85 Posted : Sunday, October 6, 2019 4:08:24 PM(UTC)
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How does NC bailey decision affect state taxes on pension composed of service credit from another federal retirement system (19 years) with service date of December 1977 with over 40 years of total federal service? Transferred from another federal agency with their own retirement system to DOD and service cedit for the other federal agency was bought back prior to retirement in 2019. Retired as CSRS Offset. What does NC use to verify federal service? Any help is appreciated.
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