Senate committee substitute reported in on 6/8/11 makes the following changes to 2nd edition. Deletes all provisions of the previous edition and replaces them with AN ACT TO SPECIFY THE SECRETARY OF REVENUES’ AUTHORITY TO ADJUST THE NET INCOME OF A CORPORATION OR TO REQUIRE A CORPORATION TO FILE A COMBINED RETURN. Repeals GS 105-130.6, concerning the taxation of net income of a corporation that is a parent, subsidy, or is affiliated with another corporation. Enacts new GS 105-130.5A to provide the Secretary of Revenue (Secretary) the authority to adjust net income or require a combined return of corporations under specified circumstances. Provides procedure for the Secretary to acquire information from a corporation when he or she has reason to believe that any corporation has failed to accurately report state income properly attributed to its business. Provides that upon review of such information, if the Secretary finds a corporation is failing to accurately report its state income properly attributed to its business, the Secretary may adjust the corporation’s net income, or if such adjustments are inadequate, require the corporation to file a return that reflects the net income on a combined basis of all members of its affiliated group that are conducting a unitary business. Details authority of the Secretary, procedure, requirements, definitions, and rights of the taxpayer, for the combined return and adjustment of income. Enacts new GS 105-264(d) to allow the Secretary to charge a fee, not less than $100 and not more than $5,000, for providing specific written advice at the request of the taxpayer. Makes conforming changes. Extends the date by which the Department of Revenue (Department) must issue a final determination under GS 105-241.14 for any request for review pending as of the effective date of the act under GS 105-130.6 to June 30, 2012. Effective when the act becomes law and applies to assessments and requests for refunds which have not become final by the issuance of a final decision of the Department in a contested case commenced at the Office of Administrative Hearings pursuant to GS 105-241.15 as of the effective date. Does not apply to taxes and penalties that are the subject of pending litigation in the General Court of Justice as of the effective date and is not to be construed to affect the interpretation of any statute that is the subject of pending litigation in the General Court of Justice or an appeal from a final decision by the Court of General Justice, or to affect any other aspect of such pending litigation.