Senate amendment #1 to the 3rd edition makes the following changes.

Part II. Franchise Tax Changes

Further amends GS 105-120.2, concerning franchise or privilege tax on holding companies. Concerning the qualification of a corporation as a holding company under the statute by 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, modifies one of the three criteria that must be satisfied of the parent corporation to now require that the parent corporation include in its books and records an investment based on the net worth of the subsidiary that owns the intangible assets (previously required inclusion of the same intangible assets in its net worth base that the holding company includes in its net worth base).

Part VI. Facilitate Critical Infrastructure Disaster Relief

Amends proposed GS 166A-19.70A to remove the exclusion from state workers' compensation requirements for nonresident businesses and nonresident employees who temporarily come to the state at the request of a critical infrastructure company solely to perform disaster-related work during a disaster response period. Makes conforming deletions of the proposed changes to GS 97-13. Further modifies the statute to establish that failure of a nonresident business to notify the Department of Revenue within 90 days of its conclusion of disaster-related work in the state forfeits relief under the statute. Makes technical changes.