Individual Income Tax Bulletins
These publications were prepared for the purpose of presenting
the administrative interpretation and application of North Carolina
income tax laws relating to individuals, partnerships, estates,
and trusts. They do not cover all provisions of the law.
Taxpayers are cautioned that these publications are intended merely
as a guide and that consideration must be given to all the facts
and circumstances in applying these bulletins to particular situations.
Taxpayers using these publications should be aware that additional
changes may result from legislative action, court decisions, and
rules adopted or amended under the Administrative Procedure Act,
Chapter 150B of the General Statutes. In no case should these bulletins
be relied upon for years other than the specific taxable years indicated.
Important Changes to the
Individual Income Tax Bulletins for 2001 and 2002
Pages 11, 12, and 61: The
2001 General Assembly enacted legislation to eliminate the
marriage penalty by increasing the standard deduction for
married filers to twice the amount allowed single filers.
The increase was to be phased in over a two-year period beginning
in 2002. The legislation also increased the tax credit for
children from $60 per child to $75 per child in 2002.
The 2002 General Assembly enacted Senate Bill
1115 which delays the increased standard deduction for 2002
to tax years beginning on or after January 1, 2003. The bill
also delays the increase in the child credit to tax years
beginning on or after January 1, 2003.
You should consider these changes when preparing
2002 individual income tax returns. When using the standard
deduction charts on page 11 and the worksheet on page 12 of
these Bulletins, you should use the standard deduction amounts
for 2001. Under # 11. Credit for Children
on page 61, the tax credit per child for 2002 is $60 instead
Last modified on:
12/30/09 10:39:28 AM