AN ACT TO MAKE VARIOUS CHANGES TO THE REVENUE LAWS AND TO CODIFY THE INSURANCE REGULATORY CHARGE.
House committee substitute to the 2nd edition makes the following changes.
Part III. Sales and Use Tax Changes
Amends GS 105-244.4A, as enacted in SL 2020-6, establishing a grace period from sales and use tax enforcement actions for the sale of certain digital property by certain continuing education and professional development providers. Adds to the qualifying conditions that the digital audio or audiovisual works must consist of education instruction required by an occupational licensing board, as an alternative to the material being approved by the board. Makes a technical correction.
Part VI. Tax Enforcement and Administration Changes
Modifies the proposed changes to GS 105-241.8 to set the statute of limitations for failure to remit trust taxes at the later of ten years after the date of the return or ten years after the taxpayer filed the return (previously, allowed for assessment at any time).
Authorizes the Department of Revenue to use up to $500,000 of the funds generated in 2020-21 from the collection assistance fee to implement Section 8.1 of SL 2019-246, regarding electronic recognition of power of attorneys.
Part VII. Extend Certain Sunsets
Extends the sunset of SL 2016-118, which provides for recovery of capital-related costs incurred by natural gas utilities for construction related to large manufacturing employers, from July 1, 2021, to July 1, 2026.
Amends GS 143B-437.62 to extend the sunset of the Economic Investment Committee's authority to award job investment development grants from January 1, 2021, to January 1, 2030.
Part VIII. Insurance Regulatory Change
Adds new Part VIII, amending GS 58-6-25 to set the annual insurance regulatory charge at 6.5%, rather than a legislatively set percentage rate. Makes clarifying changes regarding legislative intent.
Changes the act's long title.
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