Bill Summary for S 437 (2013-2014)
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| View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO ENSURE THAT THE DEPARTMENT OF REVENUE DOES NOT CHANGE ITS LONGSTANDING INTERPRETATION OF THE FAILURE TO FILE PENALTY IN A MANNER THAT WOULD MAKE THE PENALTY HARSHER THAN THE COMPARABLE FEDERAL PENALTY AND WOULD IMPOSE A PENALTY ON A TAXPAYER EVEN WHEN THE TAXPAYER PAID TAX TIMELY AND IS DUE A REFUND.Intro. by Clodfelter.
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Bill summary
Amends GS 105-236(a)(3), providing that in the case of failure to file any return on the due date, the Secretary of Revenue must assesss a penalty equal to 5% of the net amount (was, of the amount) of the tax due if the failure is for no more than one month, with additional amounts due for additional months. Effective when the act becomes law.
Further amends GS 105-236(a)(3), as amended above and by Section 2.18(a) of SL 2012-79, making technical and conforming changes. Effective January 1, 2014, the same effective date as Section 2.18(a) of SL 2012-79.
Provides options for the Department of Revenue (Department) in cases where the Department has assessed a failure to file penalty under GS 105-236(a)(3) against a taxpayer based on a calculation that also included taxes that were timely paid.