NORTH CAROLINA GENERAL ASSEMBLY
1967 SESSION

CHAPTER 1252
HOUSE BILL 1312

AN ACT RELATING TO THE DEDUCTION FOR INCOME TAX PURPOSES OF CONTRIBUTIONS TO SELF-EMPLOYED RETIREMENT PLANS.

The General Assembly of North Carolina do enact:

Section 1. Section 105-138, subdivision (10), of the General Statutes is hereby amended by adding before the last sentence thereof a sentence as follows: "For purposes of this Section the term 'trusts' shall include retirement plans adopted by self-employed individuals or owner-employees, and the term 'employers' shall include self-employed individuals or owner-employees."
Sec. 2.  Section 105-147, subdivision (20), of the General Statutes is hereby amended to read as follows:
"(20)	Reasonable amounts paid by employers within the income year to trusts which qualify for exemption under subdivision (10) of Section 105-138, and reasonable amounts paid by a self-employed individual or owner-employee to a retirement program pursuant to a plan adopted by such individual and approved by the Internal Revenue Service; provided, that amounts which are deductible for federal income tax purposes shall be prima facie allowable as deductions hereunder; provided further, that, in the case of taxpayers on the accrual basis, they shall be deemed to have made payments on the last day of the year of accrual if actual payments are made within the time fixed by statute for filing the taxpayer's return."
Sec. 3.  This Act shall be effective on and after the date of enactment and shall apply to all contributions made to a retirement plan by a self-employed individual or an owner-employee after January 1, 1969.
Sec. 4.  All laws and clauses of laws in conflict with this Act are hereby repealed.
In the General Assembly read three times and ratified, this the 6th day of July, 1967.