Amends GS 105-130.19 (pertaining to when taxes must be paid by corporations) and GS 105-131.1A (pertaining to taxation of an S Corporation as a taxed pass through entity) to allow for the entity to defer the full amount of tax payable to the next taxable year if the corporation has been in existence less than five years and files a return showing a State net income of less than $5,000 for the taxable year. Makes conforming changes. Effective for taxable years beginning on or after January 1, 2023.

Amends GS 143-48 (state policy to promote certain contractors in goods and service contracts); GS 143-135.5 (state policy to promote certain contractors in contracts for the construction of public buildings) and GS 143B-1361 (state policy to promote certain contractors as part of its information technology procurement policy) to encourage and promote these divisions of the State to use contractors that that have been in operation for less than five years, in addition to contractors who are small businesses, women, minorities, and physically handicapped. Requires the Department of Administration to compile information on participation in State goods and services and construction contracts by contractors that have been in business for less than five years. Sets forth required analytics in report. Effective October 1, 2023, and applies to contracts awarded on or after that date.