Bill Summary for S 114 (2017-2018)

Summary date: 

May 24 2017

Bill Information:

View NCGA Bill Details2017-2018 Session
Senate Bill 114 (Public) Filed Tuesday, February 21, 2017
AN ACT REVISING THE LAWS GOVERNING THE SUBMISSION OF ANNUAL REPORTS BY VARIOUS BUSINESS ENTITIES TO THE SECRETARY OF STATE; CONFORMING THE TREATMENT OF LEASEHOLD INTERESTS IN EXEMPT PROPERTY TO THAT OF OTHER TYPES OF INTANGIBLE PERSONAL PROPERTY FOR PURPOSES OF THE PROPERTY TAX; AND CREATING THE CRIMINAL CODE RECODIFICATION COMMISSION.
Intro. by Wells, Tarte.

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Bill summary

Senate committee substitute makes the following changes to the 2nd edition.

Deletes Section 5(a), enacting GS 105-164.14(d3) and (d4), and Section 5(b), amending GS 105-164.14(d3) as enacted by the act. Instead, amends GS 105-164.14(b) as follows. Adds new provisions requiring the Secretary of Revenue to verify, prior to issuance of a refund, that a nonprofit entity is not delinquent for failure to file annual reports with the Secretary of State based on information received at least 30 days prior to issuance of any tax refund. Requires the Secretary of Revenue to deny the request for a refund and notify any delinquent nonprofit entity that the request has been denied for failure of the entity to submit any required annual reports to the Secretary of State. Provides that the denial of a request for a refund can be cancelled and the refund granted upon the Secretary of Revenue's receipt of information from the Secretary of State that the nonprofit entity has submitted all required annual reports. Establishes that a refund cannot be issued after one year from the date a request for a refund was denied due to failure to file annual reports with the Secretary of State. Effective January 1, 2019, and applies to requests for refunds submitted on or after that date. Makes conforming organizational change to, but does not alter the content of, Section 5.(c), directing the Secretary of State and the Department of Revenue to jointly develop a process for verifying whether an applicant for a refund under GS 105-164.14 has submitted all required annual reports.

Makes conforming changes to the effective date provisions in Section 8 of the act.

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