AN ACT TO MAKE VARIOUS CHANGES TO THE REVENUE LAWS. Enacted May 11, 2016. Effective May 11, 2016, except as otherwise provided.
Summary date: May 11 2016 - View summary
Summary date: Apr 28 2016 - View summary
Senate amendment makes the following changes to the 1st edition.
Amends GS 105-130.7B(b)(4), making a technical correction.
Amends GS 105-164.3, the definitions for the sales and use tax provisions, deleting the previously added term and definition foroperator.
Deletes changes made to GS 105-187.6(c) concerning maximum tax allowed for vehicles that have been titled out of state.
Amends GS 105-164.29A(a) concerning the state government sales tax exemption and sales tax refund for local taxes, making a technical correction deleting an incorrect statute citation.
Amends GS 104-259(b), making technical corrections to subdivision numbering.
Makes a technical correction to a statute number on page 17, line 24, of the bill.
Amends GS 105-113.84 concerning reporting by a resident brewer, winery, nonresident vendor, or wine shipper permittee, making conforming changes reflecting new language in GS 105-113.83(b), which established that wine shippers file annual reports with the Secretary of Revenue. Makes conforming and clarifying changes.
Summary date: Apr 26 2016 - View summary
Part I. Business Tax Changes
Repeals GS 105-121.1, which established an annual franchise/privilege tax on mutual burial associations. Amends GS 58-6-7(a) making conforming changes reflecting the above privilege tax repeal for mutual burial associations. Effective for taxes due on or after April 1, 2017.
Amends GS 105-130.4(s) concerning the allocation and apportionment of income for corporations, adding language that would require qualified air freight forwarders to use the revenue ton mile fraction of its affiliated air carrier in order to apportion income in North Carolina. Defines qualified air freight forwarder, air carrier, and air transportation corporation for use in this subsection. Effective for taxable years beginning on or after January 1, 2016.
Amends GS 105-228.5(b)(4) concerning taxes on insurance companies that self-insure, correcting a statutory reference.
Amends GS 105-130.7A(a) concerning the reporting of royalty income, adding clarifying language stating that the exercise of the royalty reporting option by a taxpayer does not affect the ability of a taxpayer to have a taxable nexus in North Carolina and also does not allow the taxpayer to exclude royalties from is calculation of sales.
Amends GS 105-130.4(a)(7), concerning the definition of sales, for the purpose of allocating and apportioning income to corporations in North Carolina, adding language that clarifies that notional principal amounts generated from financial swaps and other such derivatives that generate cash flow traded in the swap agreement as well as receipts in the nature of dividends subtracted pursuant to adjustments to federal taxable income or dividends excluded for federal tax purposes are not considered sales/gross receipts of the corporation. Effective for taxable years beginning on or after January 1, 2016.
Amends Section 32.15(g) of SL 2015-241 (Appropriations Act of 2015), changing the effective date for Section 32.15, Franchise Tax Base Changes, providing that the section is effective for taxable years beginning on or after January 1, 2017, and also applies to the calculation of franchise tax reported on the 2016 and later corporate income tax return (previously, section was effective January 1, 2017, for taxes due on or after that date).
Amends Section 10.1(i) of SL 2015-268, concerning finance provisions, providing that subsection (a), concerning how corporations determine net worth, will be effective for taxable years beginning on or after January 1, 2017, and that it applies to calculations of franchise tax reported in the 2016 and later corporate income tax returns.
Amends GS 105-130.7B(b)(4) concerning the limitation on qualified interest for certain indebtedness, amending the definition for qualified interest expense, amending exceptions to the 30% cap on the amount of net interest expense paid or accrued to a related member in a taxable year. Makes additional changes, including changing the cap from 30% to the greater of (1) 15% of adjusted taxable income or (2) the taxpayer's proportionate share of interest paid or accrued to a person who is not a related member. Again amends definitions for the purpose of determining ability to deduct qualified interest for indebtedness, adding the terms proportionate share of interest and ultimate payer, for use when determining limitations of qualifying interest. Effective for taxable years beginning on or after January 1, 2016.
Amends GS 105-130.5(b)(25) concerning deductions made when determining federal taxable income, deleting an effective date that had the deductions effective for taxable years beginning on or after January 1, 2014. Effective for taxable years beginning on or after January 1, 2009.
Part II Personal Tax Changes
Amends GS 105-153.5(a), modifications to adjusted gross income, restoring an itemized deduction for taxpayers when there is a substantial amount held under claim of right that the taxpayer included in gross income for a prior taxable year due to the appearance that the taxpayer had an unrestricted right to that item. Sets out calculations for the itemized deduction amount. Effective for taxable years beginning on January 1, 2014.
Amends GS 105-153.5(b) to add back a deduction of income which was previously omitted when this section was recodified, allowing amounts added to federal taxable income under 108(I)(l) of the IRS Code to be deducted, since due to previous decoupling this income has already been recognized for tax purposes. Effective for taxable years beginning on or after January 1, 2014.
Further amends GS 105-153.(b) to allow taxpayers to deduct the amount by which the deduction for an ordinary and necessary business expense was required to be reduced or was not allowed under the Code, due to the fact that the taxpayer claimed a federal tax credit against its federal income tax liability. Effective for taxable years beginning on or after January 1, 2016.
Amends GS 105-153.5(c) concerning calculating additions to income, adding new categories that must be added to taxable income in North Carolina, including amount of net operating loss carried to and deducted on the federal return, and amounts deducted in prior taxable years if this amount was withdrawn from the Parental Savings Trust Fund of the State Education Assistance Authority but not used for qualified expenses. Effective for taxable years beginning on or after January 1, 2016.
Amends GS 105-163.1 correcting a statutory reference and deleting obsolete language. Also removes an exclusion from the term wages for severance wages.
Amends GS 105-134.6(b)(20) concerning deductions to adjusted gross income, to make the requirement that the amount added to federal taxable income as deferred income be deducted is effective for taxable years beginning on or after January 1, 2009 (was, the deduction applied to taxable years beginning on or after January 1, 2014).
Part III. Sales Tax Changes
Amends Section 2.4 of SL 2014-66, concerning the collection of the 911 wireless fees, changing the effective date of these provisions to conform to when the fee was initially imposed, July 1, 2013.
Amends GS 105-164.3, the definitions for the sales and use tax provisions, deleting obsolete definitions, including clothing, clothing accessories or equipment, energy star qualified product, school instructional material, school supply, and sport or recreational equipment. Makes conforming changes and adds the term and defines operator. Further updates statutory reference to the Streamlined Sales Tax Agreement.
Further amends GS 105-164.3, more specifically the definition for storage, removing exceptions in regards to applying sales tax. Effective January 1, 2017.
Amends GS 105-164.4B(e), correcting a statutory cross-reference.
Amends GS 105-164.4G(b), concerning the taxing of receipts from ticket retailers, making conforming changes to further clarify who the retailer is for the purposes of transactions and taxation.
Amends GS 105-164.4H(b) concerning taxing of real property contractors, updating and replacing the term "affixed" with "applied," to make language conform to remainder of the statute.
Amends GS 105-164.4D(b), GS 105-468, and GS 105-471, replacing the term "cost" with the term "purchase" to clarify language and intent.
Amends GS 105-164.12B concerning the taxing of tangible personal property sold below cost with conditional service contracts, to change the term "conditional service contract" to "conditional contract" to avoid confusion with the defined term service contract. Further clarifies that the required sales tax is that which is calculated pursuant to GS 105-164.4(a) and adds clarifying language that the presumed sales price of the item is equal to the percentage of the service in the contract that is not taxable. Further amends GS 105-467(a) to clarify that local sales tax applies to the presumed sales price of an item of tangible personal property.
Repeals GS 105-164.13(34), the sales tax exemption for tangible items sold by a nonprofit organization when such items are to be directly or indirectly contributed to the state or school. Adds a sales tax exemption for food, prepared soft drinks, candy, and other items of tangible personal property sold not for profit or at an event by an elementary or secondary school, when proceeds will be given to the school or a nonprofit serving as a conduit through which funds will flow to the school. Effective January 1, 2017, applying to sales made on or after that date.
Amends GS 105-164.13 concerning sales tax on fuel, electricity, and piped natural gas, clarifying that fuel and piped natural gas remain taxable if they are used for comfort heating at a manufacturing facility where there is no use for fuel or piped natural gas as part of a manufacturing process. Also corrects a statutory reference. Effective January 1, 2017.
Amends GS 105-164.13E(c) to provide that the sales tax exemption for items purchased by a contractor also apply to items purchased for holders of a conditional farmer exemption certificate and qualifying farmer exemption certificate. Amends Section 2.13(b) of SL 2015-6, concerning certain sales tax exemptions for farmers, correcting a statutory reference.
Repeals GS 105-164.14A(a)(3), an obsolete provision concerning sales tax refund for businesses in a low-tier area that expired in 2014.
Amends GS 105-164.22 concerning recordkeeping requirements for retailers, wholesale merchants, and consumers, removing the requirement that tax liability records be kept for a minimum of three years.
Amends GS 105-164.30, concerning types of info the Secretary of Revenue can examine, adding that the Secretary can examine data of a retailer or wholesale merchant for the purpose of enforcing the collection of levied taxes.
Amends GS 105-164.42L concerning liability relief for erroneous information or insufficient notice for certified service providers, providing exemptions for liability for underpayments of tax due to erroneous information in databases until 10 business days have passed after the Secretary of Revenue gives notice of changes to databases containing tax boundaries. Also allows the Secretary of Revenue to make adjustments to the tax matrix used by certified service providers, with the same protections from liability for underpayments as above, with no liability until 10 business days after notification of changes by the Secretary of Revenue.
Amends GS 105-466(c) concerning the collection of sales and use taxes levied by local governments, changing the effective date of a levied or raised tax to only being effective on the first day of a calendar quarter after a minimum of 60 days’ notice to sellers by the Secretary of Revenue (previously, was effective two months after adoption of the tax or tax increase).
Amends GS 105-164.42I(b) concerning contracts between certified service providers and the Secretary of Revenue or Streamline Sales Tax Governing Board, providing that as part of the contract a certified service provider can file a certificate of deposit instead of a bond or irrevocable letter of credit.
Amends GS 105-187.1 concerning the highway use tax, clarifying that a park model RV is a recreational vehicle as described and is subject to the highway use tax. Makes conforming changes. Further amends GS 105-164.13 about retail sales and use tax of motor vehicles, adding clarifying language that a park model RV is a motor vehicle and not subject to the retail sales and use tax. Also amends GS 105-187.6(c) concerning maximum tax allowed for vehicles that have been titled out of state, clarifying that a maximum tax of $150 can be assessed if the vehicle was titled in the name of the owner at least 90 days prior to the date of application for a title in North Carolina. Effective July 1, 2016.
Amends GS 105-187.21 about taxes imposed on white goods, clarifying that an excise tax is imposed on any new white good for storage, use, or consumption in North Carolina. Effective July 1, 2016.
Amends GS 105-538 concerning the one-quarter cent county sales and use tax, adding language that requires the Secretary of Revenue to allocate net proceeds of this levied tax to the taxing county on a monthly basis. Provides for proportional allocation for tax proceeds that are collected yet are not attributable to a particular taxing county.
Amends GS 105-164.29A(a) concerning the state government sales tax exemption and sales tax refund for local taxes, providing that the exemption does not apply to occupational licensing boards; certain specified governmental entities listed in GS 105-164.14(c) such as counties, cities, water and sewer authorities, and so forth which are allowed an annual refund; and entities listed in GS 105-521.2. Amends GS 105-164.14(e), which establishes quarterly refunds of local sales and use taxes paid indirectly by the state agency on specified materials that become part of a state-owned or leased building or structure, adding language that provides that these provisions to do not apply to agencies that are ineligible for a sales and use tax exemption number, as described above. Effective July 1, 2017.
Amends GS 105-164.13(11b), which establishes a tax exemption for the sale of aviation gasoline and jet fuel, adding clarifying language that the exemption applies to aviation gasoline and jet fuel purchased for use in a commercial aircraft in interstate and foreign commerce by a person in the primary business of scheduled passenger air transportation (previously, only qualifier was that it was sold to an interstate air business for use in commercial aircraft and did not apply to aircraft flying directly to other countries; now it does). Effective January 1, 2016.
Amends GS 105-164.4I(b)(3) concerning tax exemptions for service contracts, adding clarifying language exempting service contracts for transmissions, engines, or rear-end gears or other items purchases, leased, or rented by a professional motorsports racing team or related member of a team (was, only for such items when they were purchased as specified). Also adds language that the exemption only applies for those items if they on their own qualified for a tax exemption. Effective when the act becomes law and applies retroactively to January 1, 2014.
Part IV. Excise Tax Changes
Amends GS 105-113.13 and GS 105-113.38 to require dealers and distributors of cigarette and tobacco products to file a bond in an amount that is two times the monthly average liability of the taxpayer, provided the amount is not less $2,000 nor more than $2 million.
Amends GS 105-113.35, making clarifying changes that the tax for other tobacco products is set at the rate of 12.8% of the cost of the product and does not apply to cigarettes subject to tax under GS 105-113.5 or vapor products subject to tax under (a1) of the statute.
Amends GS 105-113.83(b) concerning excise taxes on malt beverages and wine, providing that wine shippers only have to file excise tax returns on shipments once a year, instead of monthly, as is still required by wholesalers and importers.
Repeals GS 105-187.82, which establishes that the tax imposed by Article 5I (Tax for severance of energy minerals) of GS Chapter 105 is the primary liability of the producer, defined by GS 105-187.76(13) as a person who takes an energy mineral from the soil or water in this state, except as provided in GS 105-187.82. Amends GS 105-187.77(a), establishing tax on severance of energy minerals, to provide that the tax imposed on the severance of energy minerals is imposed on the producer of the energy mineral. Amends GS 105-187.81 (Bond or letter of credit required) to direct a producer to file a bond or irrevocable letter of credit to the Secretary of Revenue (Secretary) after obtaining a permit under GS 113-395 (Permits, fees, and notice required for oil and gas activities) (was, if the producer fails to file a return required under Article 5I, Severance Tax). Establishes that the amount of the bond or irrevocable letter of credit is two times the applicant’s average expected monthly tax liability under Article 5I (Severance Tax), as determined by the Secretary, provided that the amount of the bond may not be less than $2,000 or more than $2 million. Directs the Secretary to periodically review the sufficiency of bonds required of producers and (1) increase the amount of a required bond when the amount of the bond furnished no longer covers the anticipated tax liability of the producer and (2) decrease the amount when the Secretary determines that a smaller bond amount will adequately protect the state from loss.
Amends GS 105-259(b), which provides for the general administration of the Internal Revenue Code and prohibits disclosure of tax information to any other person by an officer, employee, or agent of the State, by adding language to subsubsection (40) and adding two new subsubsections. Amends GS 105-259(b)(40) to establish that tax information may be disclosed if made for the purpose of furnishing a nonparticipating manufacturer, as defined in GS 66-292 (definitions in the context of tobacco escrow compliance) to mean a tobacco product manufacturer that is not a participating manufacturer, the amount of the manufacturer’s tobacco products that a taxpayer sold in this state by distributor (was, that a taxpayer sells in this state), and that the Secretary reports to the Attorney General under GS 105-113.4C (Enforcement of master settlement agreement provisions). Enacts new subsubsection (49) establishing that tax information may be disclosed if made for the purpose of providing public access to a list containing the name and account number of entities licensed under Article 2A of Chapter 105 (Tobacco Products Tax) to aid in the administration of the tobacco products tax. Enacts new subsubsection (50), establishing that tax information may be disclosed if made for the purpose of exchanging information regarding the tax imposed on a motor carrier under Article 36B of Chapter 105 (Tax Carriers Using Fuel Purchased Outside State) with other jurisdictions that administer the International Fuel Tax Agreement (Agreement) to aid in the administration of the Agreement. Amends GS 105-449.57(c) to clarify that in cooperative agreements between jurisdictions for exchange of information in administering the Agreement, the Secretary of Revenue (Secretary) can forward to officials of another jurisdiction any information in the Department of Revenue’s possession related to the administration and collection of a tax imposed on the use of motor fuel or alternative fuel by any motor carrier (was, tax information in the Department’s possession related to the use of motor fuel or alternative fuel by any motor carrier). Amends GS 105-449.57(a) to provide that no agreement, arrangement, declaration, or amendment to an agreement is effective until stated in writing and approved by the Secretary or the Secretary’s designee (was, by the Secretary). Amends GS 105-449.57(e) to establish that the Secretary or the Secretary’s designee (was, the Secretary) cannot enter into any agreement that would increase or decrease taxes and fees imposed by Subchapter V of Chapter 105 of the General Statutes.
Amends GS 105-449.49 to provide that upon application to the Secretary of Revenue (Secretary) and payment of a $50 fee, a permitting service (was, a motor carrier) may obtain a temporary permit authorizing a motor carrier (was, authorizing the carrier) to operate a vehicle in the state for three days without registering the vehicle in accordance with GS 105-449.47 (Registration of vehicles under Article 36B of Chapter 105, Tax on Carriers Using Fuel Purchase Outside State). Eliminates GS 105-449.49(b), which allowed the Secretary to refuse to issue a temporary permit if a motor carrier's registration has been withheld or revoked or to a motor carrier who the Secretary determines is evading payment of tax through successive purchase of temporary permits.
Amends GS 105-449.45 (Returns of carriers) by adding a new subsection (e) that establishes that interest on overpayments and underpayments of tax imposed on motor carriers under Article 36B (Tax on Carriers Using Fuel Purchased Outside State) is subject to the interest rate adopted in the International Fuel Tax Agreement.
Amends GS 105-449.107(c) to provide that the cents-per-gallon costs of motor fuel used to calculate the amount of state and local sales tax deducted from a claim for refund for each taxable period equals the average of the United States city average price of a finished motor gasoline and No.2 diesel fuel for resale in the “Consumer Price Index Detailed Reports” published by the Bureau of Labor Statistics of the United States Department of Labor or data determined by the Secretary of Revenue to be equivalent. Directs that the average is computed by weighing the cost of finished motor gasoline and No.2 diesel fuel by the proportion of tax collected under Article 5 of Chapter 105 (Sales and Use Tax) for the taxable period, rounding to 1/10 of a cent, and if the cents-per-gallon cost is exactly between 2/10 of a cent, the average is rounded up to the higher of the two. Effective January 1, 2016.
Establishes different calculation for amount of credits and refunds for payment of motor fuel tax in certain circumstances. The following is effective January 1, 2016.
Amends GS 105-449.39 to provide that the amount of credit every motor carrier subject to the tax levied by Article 36B (Tax on Carriers Using Fuel Purchased Outside State) is entitled to on its quarterly return for tax paid by the carrier on fuel purchased in the state is determined using the tax rate in effect under GS 105-449.80 (Tax rate established for gasoline, diesel and blends) for the time period covered by the return (was, by using the flat cents-per-gallon rate plus the variable cents-per-gallon rate of tax in effect during the quarter covered by the return). Amends GS 105-449.106 to provide: (1) a nonprofit organization listed under GS 105-449.106(a)(1) through (5) that purchases and uses motor fuel can receive a quarterly refund for the excise tax paid during the preceding quarter at a rate equal to the tax rate in effect under GS 105-449.80 for the time period for which the refund is claimed (was, at a rate equal to the amount of the flat cents-per-gallon rate plus the variable cents-per-gallon rate in effect during the quarter for which the refund is claimed), minus one cent per gallon and (2) a person who purchases and uses motor fuel for the off-highway operation of special mobile equipment registered under Chapter 20 of the General Statutes can receive a quarterly refund for the excise tax paid during the preceding quarter at a rate equal to the tax rate in effect under GS 105-449.80 for the time period for which the refund is claimed (was, at a rate equal to the amount of the flat cents-per-gallon rate plus the variable cents-per-gallon rate in effect during the quarter for which the refund is claimed), minus the amount of sales and use tax due on the fuel under Chapter 105 of the General Statutes (Taxation) as determined by GS 105-449.107(c) (Sales tax amount calculation). Amends GS 105-449.107(a) to establish that a person who purchases and uses motor fuel for a purpose other than to operate a licensed highway vehicle can receive an annual refund for the excise tax the person paid on fuel used during the preceding calendar year of the tax rate in effect under GS 105-449.80 for the time period (was, the amount of the flat cents-per-gallon rate in effect during the year for which the refund is claimed plus the average of the two variable costs per gallon rates in effect during that year), minus the amount of sales and use tax due on the fuel under Chapter 105 of the General Statutes. Amends GS 105-449.107(b) to establish that the amount of refund allowed under GS 105-449.107(a) is 33 1/3% of the tax rate in effect under GS 105-449.80 for the time period for which the refund is claimed (was, 33 1/3% of the following: the sum of the flat cents-per-gallon rate in effect during the year for which the refund is claimed and the average of the two variable cents-per-gallon rate in effect during that year), minus the amount of sales and use tax due under Chapter 105 of the General Statutes.
Amends GS 105-449.125 by dividing the existing language into subsections (a) through (c). Establishes subsection (a) for the distributions of funds, subsection (b) for the distribution of remaining revenue, and subsection (c) for accounting. Amends GS 105-449.125 subsection (b), as divided, to direct the Secretary of Revenue to allocate the remaining excise tax revenue collected under Article 36C of Chapter 105 of the General Statutes (Gasoline, Diesel, and Blends), including any revenue that is allocated but not distributed under subsection (a) of GS 105-449.125 to distribute 71% to the Highway Fund and 29% to the Highway Trust Fund. Effective July 1, 2016.
Amends SL 2015-241 (2015 Appropriations Act) Section 29.27B(c) to provide that Section 29.27B(b) of SL 2015-241, amending GS 105-449.125 by eliminating the Noncommercial Leaking Petroleum Underground Storage Tank Cleanup Fund from the distribution of tax revenue among various funds and accounts, becomes effective July 1, 2016.
Part V. Other Tax Changes
Currently under GS 105-242.2 the period of limitations for assessing a responsible person for unpaid taxes under the statute expires one year after the expiration of the period of limitations for assessing the business entity. Amends GS 105-242.2 to provide that the period limitations for assessing a person for unpaid taxes under the statute expires the later of one year after the expiration of the period of limitations for assessing the business entity, or one year after a tax becomes collectible from the business entity under GS 105-241.22(3) (allowing the collection of taxes when a taxpayer and the Department agree on a settlement concerning the amount of tax due), (4) (allowing the collection of taxes when the Department sends a notice of final determination concerning an assessment of tax and the taxpayer does not file a timely petition for a contested case hearing on the assessment), (5) (allowing the collection of taxes when a final decision is issued on a proposed assessment of tax after a contested case hearing), or (6) (allowing the collection of taxes when the Office of Administrative Hearings dismisses a petition for a contested case for lack of jurisdiction because the sole issue is the constitutionality of a statute and not the application of a statute). Applies to a tax that becomes collectible from the business entity under GS 105-241.22(3), (4), (5), or (6) on or after the date the act becomes law.
Repeals GS 105-521, transitional local government hold harmless for repealed reimbursements.
Repeals GS 131E-28, concerning Tax exemptions for hospital authorities. Amends GS 105-130.5(b) (concerning Adjustments to federal taxable income in determining state net income for corporate income tax) and GS 105-153.5(b) (concerning Modifications to adjusted gross income for individual income tax) to allow a deduction of interest on the obligations of a hospital authority from federal and North Carolina taxable income. Amends GS 105-449.88 to exclude motor fuel sold to a hospital authority from the excise tax on motor fuel.
Makes a redundant repeal of GS 153A-134(b), which was previously repealed.
Amends GS 105-164.3 to change the definition of datacenter as one that, in addition to investing at least $75 million in private funds within five years, (1) certifies that it satisfies the stated wage standard for the development tier area or zone in which the datacenter is located and (2) certifies that it provides health insurance for all of its full-time employees. Makes conforming changes to GS 105-130.4(s1) by updating statutory references to refer to the new wage standards and health insurance requirement in GS 105-164.3. Amends GS 143B-437.01 to prohibit funds in the Industrial Development Fund Utility Account from being used for any nonmanufacturing project that does not meet the wage standards for the development tier area or zone in which the project is located (the wage standards are the same as those new standards set out in GS 105-164.3). Amends GS 143B-437.012 to provide that a business may be considered for a grant from the Job Maintenance and Capital Development Fund only if the business certifies that, at the time of the application, there has not been a final determination unfavorable to the business with respect to an environmental disqualifying event (was, certifies that the business satisfies the environmental impact standard under GS 105-129.83). Specifies that a final determination unfavorable to the business occurs when there is no further opportunity for the business to seek administrative or judicial appeal, review, certiorari, or rehearing of the environmental disqualifying event and the disqualifying event has not been reversed or withdrawn. Amends GS 143B-437.02 to provide that a business is eligible for consideration for site development only if the business certifies that, at the time of the application, there has not been a final determination unfavorable to the business with respect to an environmental disqualifying event (was, certifies that the business satisfies the environmental impact standard under GS 105-129.83). Specifies that a final determination unfavorable to the business occurs when there is no further opportunity for the business to seek administrative or judicial appeal, review, certiorari, or rehearing of the environmental disqualifying event and the disqualifying event has not been reversed or withdrawn.
Part VI. Effective Date and Time to File Certain Claims for Refund
Unless otherwise indicated, the act is effective when it becomes law. Specifies that a taxpayer that had an amount added to taxable income as deferred income under section 108(i)(1) of the Internal Revenue Code and the amount would be excluded under Sections 1.9, 2.1, or 2.4 of this act may apply to the Department of Revenue for a refund of the state income tax paid on the deferred income. Requires a refund request under this section to be made to the Secretary of Revenue on or before July 1, 2016; a request for a refund received after that date is barred unless authorized by GS 105-241.6(a).
Summary date: Apr 25 2016 - View summary
To be summarized.