Senate Passes Amendment To Increase Medical Deductions to 10% |
State Government |
By Administrator |
Wednesday, 24 June 2020 13:42 |
The North Carolina Senate this morning adopted an amendment offered by Sen. Joyce Krawiec (R-Forsyth) and developed in collaboration with Sen. Paul Newton (R-Cabarrus) to increase the tax deduction for medical expenses. Sen. Krawiec said, "My provision provides extra tax relief to those with high medical expenses this year. I can't think of a better time for this type of relief than a recession during a pandemic. While this change applies to everyone, I'm particularly concerned about the elderly, who are often on a fixed income and also experience more severe health consequences from COVID-19." Sen. Krawiec's amendment allows taxpayers this year to deduct medical expenses that exceed 7.5% of gross income. Current law allows deductions in excess of 10% of gross income. The measure passed the Senate unanimously. |