AN ACT TO MAKE TECHNICAL, CLARIFYING, AND ADMINISTRATIVE CHANGES TO THE TAX AND RELATED LAWS. Summarized in Daily Bulletin 5/17/12, 5/31/12, and 6/4/12. Enacted June 26, 2012. Effective June 26, 2012, except as otherwise provided.
Bill Summaries: S826 REVENUE LAWS TECH., CLARIFYING, & ADMIN CHANGES.
Summary date: Jun 27 2012 - View Summary
Summary date: Jun 4 2012 - View Summary
Senate amendment makes the following changes to 2nd edition. Current law repealed GS 105-130.6 regarding subsidiary and affiliated corporations effective January 1, 2012. Amends GS 105-130.2 to add definitions for the following terms that were previously defined in repealed GS 105-130.6: (1) affiliate, (2) parent, and (3) subsidiary. Makes conforming changes to the numbering of the provisions in GS 105-130.2. Makes conforming changes to GS 105-122(b1), 153A-279(a)(1), 160A-236(a)(1), and 160A-626(a)(1) to reflect the repeal of GS 105-130.6. Amends GS 105-130.14 to provide that corporations filing consolidated tax returns for federal income tax purposes cannot file a consolidated or combined return with the NC Secretary of Revenue except (1) as specifically directed in writing by the Secretary under GS 105-130.5A (was, GS 105-130.6) or (2) with written advice from the Secretary allowing (was, requiring) a consolidated return in response to a written request from the corporation under GS 105-130.5A. Repeals GS 105-262(b) regarding notice and hearing exceptions for rules proposed under repealed GS 105-130.6.
Amends GS 105-164.3 (definitions) to specify that a (26b) prepaid calling service and a (27a) prepaid wireless calling service must meet the requirement of being sold in predetermined units or dollars.
Amends GS 105-164.4B(a) to delete the terms, but retaining the provisions concerning over the counter sales and delivery to a specified address.
Amends GS 105-236 to make adjustments providing that the penalty for failing to file a return accrues during the time that the failure continues to an amount not to exceed 25% in the aggregate (was, whichever was greater, 25% in the aggregate or $5.00); and to provide that the penalty for failing to pay tax when it is due is 10% of the tax (was, 10% of the tax, subject to a $5.00 minimum). Effective January 1, 2014.
Rewrites GS 121-5(e) as Archives and Records Management Fund (was, Program Funding). Establishes the Fund as a special revenue fund consisting of fees credited to the Fund under GS Chapter 161. Specifies how the Fund revenue may be used. Effective July 1, 2012.
Amends GS 105-330.3 to specify the applicable rates at which interest accrues on unpaid taxes for unregistered classified motor vehicles. Makes conforming change to subsection (b) of GS 105-330.4.
Makes technical changes.
Summary date: May 31 2012 - View Summary
Senate committee substitute makes the following changes to 1st edition.
Adds two sections to make technical and clarifying changes to GS 105-134.5 and GS 105-134.6. Adds a new section to provide a tax credit under Article 3J in GS Chapter 105 (tax credits for small businesses) for the tax years of 2007-2010 to a taxpayer who files an amended return before January 1, 2013, provided the taxpayer (1) did not timely claim a credit, (2) would have been ineligible to claim a credit because the taxpayer did not meet the statutory environmental impact standard before SL 2010-147 (which modified the standard and made the changes retroactive to January 1, 2007) was enacted, and (3) satisfies the standard after the enactment of SL 2010-147.
Adds sections to make clarifying changes to provisions in GS Chapter 105, and amends GS 105-160.3(b) to add that an estate or trust is not allowed an education expenses credit. Makes clarifying changes to the definition of over-the-counter drug in GS 105-164.3(25a). Makes clarifying changes to the provisions concerning tax on unregistered vehicles in GS 105-330.3. Makes additional technical and clarifying changes.
Summary date: May 17 2012 - View Summary
Makes technical and clarifying changes to various provisions in GS Chapter 105 and to GS 160A-536(e)(2). Rewrites GS 105-228.90(b)(1b) to update to January 1, 2012, the reference to the Internal Revenue Code. Makes a technical change to GS 20-63(b1) and corrects two license plate fees in GS 20-79.7(a).
Amends GS 105-113.38 (bond requirement) to specify that a bond may also include an irrevocable letter of credit. Amends GS 105-120.2(c), expanding the definition of holding company. Amends GS 105-164.4B(a) to add provisions that apply when determining where to source the sale of a product. Restores language in new GS 105-164.12C, effective August 7, 2009, concerning treatment of items given away by a retailer. Amends GS 105-187.43(b) to require a taxpayer who is consistently liable for $20,000 (was, $10,000) of tax on piped natural gas a month to make a monthly prepayment of the next month’s tax liability. Amends GS 161-10 (uniform fees of registers of deeds) to delete the fee for subsequent instruments and instead imposes an additional $10 fee for each additional reference, as detailed; this provision currently expires July 1, 2013.
Effective December 1, 2012, amends several provisions in the Emergency Program to Reduce Home Foreclosures Act to reference the State Home Foreclosure Prevention Project as a project of the Housing Finance Agency. Makes conforming changes removing references to the Commission of Banks, removes the sunset date, and states that the Housing Finance Agency assumes responsibilities of the Prevention Project by December 31, 2012.
Amends GS 105-330.2(b1) (concerning motor vehicle taxes) to clarify that the owner of a motor vehicle may appeal the appraised value (was, the appraised value or taxability) of the vehicle. Adds subsection (b2), detailing the process to appeal the vehicle’s eligibility for an exemption or exclusion. Amends GS 105-330.3 to set out the procedure for collecting tax on an unregistered vehicle. Amends GS 105-330.4(c) to add that enforcement remedies do not apply to unpaid taxes on a vehicle for which the tax year begins on or after August 1, 2013. Repeals GS 105-330.5(e) (concerning small under- or over-payment of tax). Makes other clarifying and conforming changes to Article 22A (motor vehicles) in GS Chapter 105 and to the applicable session laws.