Allows small businesses to exclude certain capital improvement account deposits from taxable income.

The bill allows small businesses in North Carolina to exclude from their taxable income certain deposits made to a capital improvement account. A small business is defined as one with cumulative gross receipts not exceeding ten million dollars ($10,000,000) in a taxable year. The capital improvement account is an account at a federally insured banking institution used solely for improvements that add value to real property owned and used by the business.

Allows small businesses to exclude certain capital improvement account deposits from taxable income.

The bill allows small businesses in North Carolina to exclude from their taxable income certain deposits made to a capital improvement account. A small business is defined as one with cumulative gross receipts not exceeding ten million dollars ($10,000,000) in a taxable year. The capital improvement account is an account at a federally insured banking institution used solely for improvements that add value to real property owned and used by the business.