House committee substitute makes the following changes to 2nd edition. Adds new GS 143B-431(f) to specify that financial statements submitted to the Department of Commerce by a private company or an individual seeking assistance from the Department are not public records as defined in GS 132-1.
Effective for taxable years beginning on or after January 1, 2011, amends GS 105-129.84 to authorize the owner of a pass-through entity that claims a credit under Article 3J of GS Chapter 105 to treat some or all of the credit claimed as a tax payment made by or on behalf of the taxpayer. Specifies that a credit claimed that is treated as tax payment does not accrue interest under GS 105-241.21 if the payment is determined to be an overpayment. Directs a taxpayer that elects to have a credit treated as a tax payment to make the election when the return is filed.
Makes conforming changes to title.