It is a deduction for military retirement.
In November 2021, North Carolina enacted legislation that allows eligible retired members of the Armed Forces of the United States (“Armed Forces”) to deduct certain military retirement pay when calculating North Carolina taxable income beginning tax year 2021.
The law also allows eligible beneficiaries of the Survivor Benefit Plan (“SBP”) to deduct certain SBP payments beginning tax year 2021.
You can deduct your retirement if you meet the qualifications of 20 years of service or are medically retired or the spouse of a qualifying retiree.
Learn more at Important Notice: North Carolina Enacts New Deduction For Certain Military Retirement Pay and Survivor Benefit Plan Pa...
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