For those who have been taking advantage of the NC income tax deduction for contributions to the NC college foundation, you can rest easy that this tax benefit has been extended. Here is the press release:
Recent legislation passed by the NC General Assembly preserves the deduction on NC 529 contributions for all North Carolinians, regardless of income. Adjusted gross income limitations scheduled to return in 2012 on the state tax deduction for the NC 529 Plan have been eliminated. The maximum annual contribution deductible from NC taxable income remains the same at $2,500 (individual) or $5,000 (married, filing jointly).
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