Bill > H14

This bill introduces two main provisions affecting North Carolina tax law and financial regulations. First, it allows taxpayers to deduct gambling losses on their state income tax returns, specifically permitting the deduction of wagering losses under section 165(d) of the federal tax code to the extent these losses are not already deducted from adjusted gross income, effective for tax years beginning January 1, 2024. Second, the bill enacts the North Carolina Sound Money Act, which recognizes certain investment coins and metal bullion (specifically refined gold or silver coins stamped with weight and purity) as legal tender in the state, while simultaneously clarifying that no person is legally required to accept or offer such tender for payments. Additionally, the bill creates a new tax deduction for gains or losses from the disposition of investment coins and metal bullion, effective for tax years beginning January 1, 2025. The legislation aims to provide more flexibility for taxpayers in reporting gambling losses and to establish a framework for recognizing alternative forms of currency, though it emphasizes that the use of such legal tender remains voluntary and will not be mandatorily accepted in transactions.

Budget and Finance, Business and Industry, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/H14