Bill Summary for S 557 (2019-2020)
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| View NCGA Bill Details | 2019-2020 Session |
AN ACT TO INCREASE THE STANDARD DEDUCTION, TO EXPAND THE DEFINITION OF HOLDING COMPANY FOR FRANCHISE TAX PURPOSES, TO IMPLEMENT MARKET-BASED SOURCING FOR MULTISTATE INCOME TAX APPORTIONMENT, TO REQUIRE CERTAIN MARKETPLACE FACILITATORS TO COLLECT SALES TAX, TO DIRECT REVENUE LAWS TO STUDY CERTAIN TAX SUNSET PROVISIONS, AND TO MAKE TECHNICAL CORRECTIONS.Intro. by Krawiec, Rabon, Lowe.
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Bill summary
Senate amendment makes the following changes to the 2nd edition.
Section 3
Further amends GS 105-122(c1), concerning apportionment of corporate income tax, to refer to a corporation's net worth, rather than a corporation's capital stock, surplus, and undivided profits, regarding apportioning a corporation's net worth to the state that is subject to Article 4 (Income Tax).
Section 7
Changes the effective date of the provisions of Section 7, which amends SL 2019-169, now making the changes apply retroactively to July 26, 2019 (was, July 16, 2019).
Adds new Section 8.1, directing the Department of Revenue (Department) to update its electronic tax systems to store and recognize power of attorney (POA) registrations to ensure that notices generated by the Department are simultaneously sent to the taxpayer and the designated POA. Requires the Department to report to the designated NCGA committee by January 31, 2020, on its progress in updating the system.