Bill Summary for H 41 (2015-2016)

Summary date: 

Apr 1 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 41 (Public) Filed Tuesday, February 3, 2015
AN ACT TO MAKE TECHNICAL AND CLARIFYING CHANGES TO VARIOUS REVENUE LAWS, AS RECOMMENDED BY THE REVENUE LAWS STUDY COMMITTEE.
Intro. by Howard, W. Brawley, Lewis, Setzer.

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Bill summary

Conference report makes the following changes to the 3rd edition.

Deletes Part I of the bill concerning IRC updates.

Adds that utility refunds resulting from the reduction of the corporate income tax that are subject to interest do not include any amounts to be refunded arising from excess deferred income taxes due to the reduction in the corporate income tax rate effective for taxable years beginning on or after January 1, 2014. Makes clarifying changes.

Adds that if Senate Bill 20 becomes law, then Section 2.3 (which amends the sales price and the cost price of motor fuel to be used in determining the amount to deduct in GS 105-449.107(c)) of the act is repealed. 

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