AN ACT TO MAKE VARIOUS TECHNICAL, CLARIFYING, AND ADMINISTRATIVE CHANGES TO THE REVENUE LAWS, AS RECOMMENDED BY THE DEPARTMENT OF REVENUE.
Conference report makes the following changes to the 4th edition.
Amends GS 105-236, changing the penalty for failure to pay taxes when due in phases, reducing the penalty from 10% to 5%, effective January 1, 2023, and establishing a graduated penalty schedule with the penalty at 2% if the failure is for not more than one month, and an additional 2% for each additional month, or fraction thereof, during which failure continues, up to 10%, effective July 1, 2024. Effective June 30, 2022, repeals Section 42.11, SL 2021-180 (2021 Appropriations Act), which amended GS 105-236 to provide for the graduated penalty schedule immediately beginning July 1, 2022.
Effective July 1, 2024, amends Section 8.1 of SL 2019-246, as enacted by Section 34.4, SL 2021-180, adding to the content of the monthly report of the Department of Revenue to the specified NCGA committee and division to include the Department's ability to implement the graduated penalty for failure to pay taxes assessed on or after July 1, 2024.