A BILL TO BE ENTITLED AN ACT TO MAKE TECHNICAL, CLARIFYING, AND ADMINISTRATIVE CHANGES TO THE REVENUE LAWS AND RELATED STATUTES, AS RECOMMENDED BY THE REVENUE LAWS STUDY COMMITTEE.
Senate amendment makes the following changes to the 4th edition.
Amends the introductory language to Sections 58(a) and 58(b), making technical corrections, changing references to House Bill 988 to House Bill 998.
Amends proposed GS 105-153.6(e), Bonus Asset Basis, providing that when adding any remaining deductions allowed under GS 105-13.6(a), the transferee must depreciate the adjusted basis over any remaining life of the asset.
Amends proposed GS 105-153.6(f), Prior Transactions, providing that the limitations on future depreciation deductions also apply to the transferor in specified transactions, in regards to the transferor and transferee making an election to make the basis adjustment allowed on the transferee's 2013 tax return.
Amends GS 105-164.13, Retails sales and use tax, providing that state attractions, defined as a physical place supported with state funds that offers cultural, educational, historical, or recreational opportunities, and an item purchased by a professional motorsports racing team for which the team may receive a sales tax refund under GS 105-164.14A(5), are exempt from the tax imposed by GS Chapter 105, Article 5, Sales and Use Tax. Effective January 1, 2014, and applies to taxable years that begin on or after that date and to purchases on or after that date.
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