Gambling Loss Tax Deduct, NC Sound Money Act.

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2025
H 2
HOUSE BILL 14
Committee Substitute Favorable 6/25/25

Short Title: Gambling Loss Tax Deduct, NC Sound Money Act. (Public)
Sponsors:
Referred to:
January 30, 2025
*H14-v-2*
A BILL TO BE ENTITLED 1
AN ACT TO ALLOW A ST ATE INCOME TAX DEDUC TION FOR GAMBLING LO SSES 2
AND TO ENACT THE NORTH CAROLINA SOUND MONEY ACT. 3
The General Assembly of North Carolina enacts: 4
SECTION 1.(a) G.S. 105-153.5(a)(2) reads as rewritten: 5
"(a) Deduction Amount. – In calculating North Carolina taxable income, a taxpayer may 6
deduct from adjusted gross income either the standard deduction amount provided in subdivision 7
(1) of this subsection or the itemized deduction amount provided in subdivision (2) of thi s 8
subsection. The deduction amounts are as follows: 9
… 10
(2) Itemized deduction amount. – An amount equal to the sum of the items listed 11
in this subdivision. The amounts allowed under this subdivision are not 12
subject to the overall limitation on itemized dedu ctions under section 68 of 13
the Code: 14
… 15
e. The amount allowed as a deduction for wagering losses under section 16
165(d) of the Code, to the extent the losses are not deducted in arriving 17
at adjusted gross income." 18
SECTION 1.(b) This section is effective for taxable years beginning on or after 19
January 1, 2024. 20
SECTION 2.(a) G.S. 105-153.5 reads as rewritten: 21
"§ 105-153.5. Modifications to adjusted gross income. 22
… 23
(b) Other Deductions. – In calculating North Carolina taxable income, a taxpayer may 24
deduct from the taxpayer's adjusted gross income any of the following items that are included in 25
the taxpayer's adjusted gross income: 26
… 27
(17) Gain or loss, to the extent the loss is not deducted in arriving at adjusted gross 28
income, from the disposition of investment coins and investment metal 29
bullion. For purposes of this subdivision, the following definitions apply: 30
a. Investment coins. – Numismatic coins or other forms of money and 31
legal tender manufactured of metal under the laws of the United States 32
or any foreign nation with a fair market value greater than any 33
statutory or nominal value of such coins. 34
b. Investment metal bullion. – Any elementary precious metal that has 35
been put through a process of smelting or refining and that is in such 36
General Assembly Of North Carolina Session 2025
Page 2 House Bill 14-Second Edition
state or condition that its value depends upon its content and not upon 1
its form. The term does not include fabricated precious metal that has 2
been processed or manufactured for one or more specific and 3
customary industrial, professional, or artistic uses. 4
…." 5
SECTION 2.( b) This section is effective for taxable years beginning on or after 6
January 1, 2025. 7
SECTION 3.(a) Article 13 of Chapter 66 of the General Statutes is amended by 8
adding a new section to read: 9
"§ 66-67.6. Commerce of investment coins and investment metal bullion. 10
(a) Legal Tender. – Investment coins and investment metal bullion (i) as defined in 11
G.S. 105-153.5(b)(17), (ii) made of refined gold or silver, and (iii) stamped, marked, or imprinted 12
with its weight and purity shall be recognized as legal tender in the State. 13
(b) Commerce. – No person is required to offer or accept any recognized legal tender as 14
described in subsection (a) of this section for payment of debts, deposit, or any other purpose. In 15
addition, no person incurs liability for refusing to offer or accept such legal tender, except as 16
specifically provided for by contract or otherwise required by law." 17
SECTION 3.(b) This section becomes effective October 1, 2025. 18
SECTION 4. Except as otherwise provided, this act is effective when it becomes 19
law. 20