Senate committee substitute to the 2nd edition makes the following changes.

Part II. Franchise Tax Changes

Further amends GS 105-120.2, concerning franchise or privilege tax on holding companies. Adds to the conditions which qualify a corporation as a holding company under the statute to now include ownership of intangible assets that represent more than 80% of the corporation's total assets, or receipt of royalties and license fees that represent more than 80% of the corporation's total gross income, when the corporation is owned 100% by a corporation that meets three specified criteria, including generating revenues in excess of $5 billion from goods that it manufactures.