Bill Summary for S 557 (2019-2020)

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Bill: VARIOUS FINANCE LAW CHANGES. (NEW)

Summary date: 

Nov 8 2019
S.L. 2019-246

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 557 (Public) Filed Tuesday, April 2, 2019
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

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. SL 2019-246. Enacted November 8, 2019. Section 1, 2, and 3(a)-(d) are effective January 1, 2020, Section 4 is effective February 1, 2020, Section 7 is effective July 26, 2019, the remainder is effective November 8, 2019.