Allows North Carolina taxpayers to deduct gambling losses from state income tax.

The bill amends North Carolina's tax code to permit taxpayers to deduct gambling losses from their state income tax. This deduction applies to losses incurred from wagering, up to the extent not deducted in arriving at adjusted gross income. The change is effective for taxable years beginning on or after January 1, 2024.

Allows North Carolina taxpayers to deduct gambling losses from state income tax.

The bill amends North Carolina's tax code to permit taxpayers to deduct gambling losses from their state income tax. This deduction applies to losses incurred from wagering, up to the extent not deducted in arriving at adjusted gross income. The change is effective for taxable years beginning on or after January 1, 2024.