AN ACT TO PROVIDE THAT SMALL BUSINESS ASSISTANCE RECORDS AND FINANCIAL STATEMENTS ARE NOT PUBLIC RECORDS AND TO ALLOW A PASS-THROUGH ENTITY THAT CLAIMS A TAX CREDIT UNDER ARTICLE 3J TO TREAT THE CREDIT CLAIMED AS A TAX PAYMENT MADE BY OR ON BEHALF OF THE TAXPAYER. Summarized in Daily Bulletin 3/21/11, 5/23/11, and 6/14/11. Enacted June 24, 2011. Section 4 is effective for taxable years beginning on or after January 1, 2011. The remainder is effective June 24, 2011.
Bill Summaries: all (2011-2012 Session)
Tracking:
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Summary date: Jun 30 2011 - View summary
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Bill S 385 (2011-2012)Summary date: Jun 14 2011 - View summary
House committee substitute makes the following changes to 2nd edition. Adds new GS 143B-431(f) to specify that financial statements submitted to the Department of Commerce by a private company or an individual seeking assistance from the Department are not public records as defined in GS 132-1.
Effective for taxable years beginning on or after January 1, 2011, amends GS 105-129.84 to authorize the owner of a pass-through entity that claims a credit under Article 3J of GS Chapter 105 to treat some or all of the credit claimed as a tax payment made by or on behalf of the taxpayer. Specifies that a credit claimed that is treated as tax payment does not accrue interest under GS 105-241.21 if the payment is determined to be an overpayment. Directs a taxpayer that elects to have a credit treated as a tax payment to make the election when the return is filed.
Makes conforming changes to title.
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Bill S 385 (2011-2012)Summary date: May 23 2011 - View summary
Senate committee substitute makes the following changes to 1st edition. Deletes proposed subsection (g) to GS 132-1.1 (Personally identifiable small business counseling information) and deletes proposed conforming amendments to the catch line of GS 132-1.1 and GS 132-1.2.
Instead, amends GS 115D-78 to exempt documents submitted by an individual seeking business counseling or technical assistance to the North Carolina Community College System’s Small Business Center Network (Network), and documents created by the Network to provide counseling and technical assistance to the individual from the definition of public record as defined by GS 132-1.
Enacts new GS 116-43.16 to exempt documents submitted by an individual seeking business counseling or technical assistance to the University of North Carolina’s Small Business and Technology Development Centers (Centers), and documents created by a Center to provide counseling and technical assistance to the individual from the definition of public record as defined by GS 132-1.
Changes the title to AN ACT PROVIDING THAT SMALL BUSINESS ASSISTANCE RECORDS ARE NOT PUBLIC RECORDS.
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Bill S 385 (2011-2012)Summary date: Mar 21 2011 - View summary
Enacts new subsection (g) to GS 132-1.1 which lists information excluded from disclosure under the public records law to add that records maintained by the University of North Carolina’s Small Business and Technology Development Centers or the Community College System’s Small Business Center Network, which contain personally identifiable information involving an individual seeking business counseling or technical assistance and related materials, are confidential and not subject to disclosure. Makes conforming changes to the section heading and to GS 132.1.2 (listing types of confidential information).