Senate committee substitute makes the following changes to the 1st edition.

Amends GS 105-160.2 as follows. Clarifies that the tax is computed on the amount of the taxable income of an estate or trust on a resident estate that is for the benefit of a resident current beneficiary and on a resident trust or a resident estate for the benefit of a nonresident current beneficiary, subject to limitations. Instead of allowing the Secretary to use a rebuttable presumption that the taxable income of a resident estate or trust must be equally apportioned among all current beneficiaries, requires that the taxable income be equally apportioned unless the fiduciary apportions and reports the taxable income of each resident estate or trust using an alternative approach and attaches to its tax return specified items reflecting a rational basis for the alternative approach.