This Alert summarizes all the material amendments to Chapter 105 of the North Carolina General Statutes ratified to date during the General Assembly’s 2024 short session....more
The North Carolina General Assembly ended its 2022 short session on July 1. While the legislature is scheduled to reconvene on July 26, no additional tax legislation is expected to be considered....more
7/8/2022
/ Captive Insurance Company ,
Coronavirus/COVID-19 ,
Corporate Taxes ,
Franchise Taxes ,
General Assembly ,
Income Taxes ,
Payroll Taxes ,
Pending Legislation ,
Property Tax ,
Sales Tax ,
State and Local Government ,
State Budgets ,
State Taxes ,
Wildlife Protection
The North Carolina General Assembly convened on April 28, 2020, and a number of bills immediately were introduced to address various aspects of the coronavirus (COVID-19) crisis. Several of these bills included important...more
This Alert summarizes the more significant tax provisions enacted by the North Carolina General Assembly in 2019. The most important tax changes were originally included in House Bill 966, the 2019 Appropriations Act (the...more
11/12/2019
/ Apportionment ,
Appropriations Bill ,
Corporate Taxes ,
Department of Revenue ,
Digital Marketplace ,
E-Commerce ,
Franchise Taxes ,
General Assembly ,
Governor Vetoes ,
Income Taxes ,
Online Marketplace ,
Pending Legislation ,
Sales Tax ,
State Budgets ,
Tax Code ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Deductions
This Alert summarizes the more significant tax provisions included in House Bill 966, the 2019 Appropriations Act (the “Bill”). The Bill, a Conference Committee measure reconciling the House and Senate budget proposals, was...more
On April 3rd, the Senate released its 2019 tax plan - Senate Bill 622. If enacted, the bill would make important tax changes for businesses, including a phased reduction of the franchise tax rate, implementation of...more
4/10/2019
/ Federal Grants ,
Franchise Taxes ,
Income Taxes ,
Internal Revenue Code (IRC) ,
Internet Retailers ,
Market Based Approach ,
Proposed Legislation ,
Sales Tax ,
State and Local Government ,
Tax Credits ,
Tax Cuts and Jobs Act ,
Tax Reform
On June 1, 2018, the General Assembly ratified and sent to the Governor the Appropriations Act of 2018 (the Act). The Act includes numerous changes to North Carolina’s tax laws....more
On Tuesday, May 8th, the General Assembly’s Revenue Laws Study Committee released a revised version of its draft tax bill intended for introduction in the legislature’s upcoming short session. The original version of the...more
On April 11, 2018, the General Assembly’s Revenue Laws Study Committee released a draft tax bill for possible introduction in the legislative session that convenes May 16. This Alert provides a summary of the more important...more
4/18/2018
/ Agricultural Workers ,
Breweries ,
Captive Insurance Company ,
Corporate Taxes ,
Federal Taxes ,
Foreign Derived Intangible Income (FDII) ,
Franchise Taxes ,
GAAP ,
GILTI tax ,
Historical Rehabilitation ,
Income Taxes ,
Intangible Property ,
Internal Revenue Code (IRC) ,
IRS ,
Limited Liability Company (LLC) ,
Opportunity Zones ,
Partnerships ,
Prescription Drugs ,
Property Tax ,
Proposed Legislation ,
Reconciliation ,
Repatriation ,
Sales & Use Tax ,
Sales Factor ,
Service Contracts ,
Suspensions ,
Tax Credits ,
Tax Exemptions ,
Tax Extensions ,
Tax Legislation ,
Tax Liability ,
Tax Returns ,
Wineries
Two previous Tax Alerts, Tax Provisions in the 2017 Budget Bill (June 20, 2017) and Tax Legislation Enacted During the Regular Session of the 2017 North Carolina General Assembly (June 30, 2017), summarized the major tax...more
9/15/2017
/ Corporate Taxes ,
Franchise Taxes ,
Historical Rehabilitation ,
Holding Companies ,
Income Apportionment ,
Income Taxes ,
Non-Resident Income Taxes ,
Property Tax ,
Sales Tax ,
Tax Credits ,
Tax Deductions
This Alert summarizes the major tax provisions included in legislation passed by the 2015-2016 North Carolina General Assembly in its short session, which concluded earlier this month.
The most widely discussed tax...more
7/12/2016
/ Corporate Taxes ,
Franchise Taxes ,
General Assembly ,
Governor McCrory ,
New Legislation ,
Pending Legislation ,
Property Tax ,
Protecting Americans from Tax Hikes (PATH) Act ,
Sales Tax ,
State Taxes ,
Tax Deductions ,
Tax Refunds
North Carolina’s General Assembly is continuing the overhaul of the State’s tax system that it began in 2013. That year, the General Assembly slashed corporate and individual tax rates, eliminated many income tax deductions...more
9/25/2015
/ Corporate Taxes ,
Franchise Taxes ,
General Assembly ,
Income Taxes ,
Internal Revenue Code (IRC) ,
New Legislation ,
Property Tax ,
Proposed Legislation ,
Sales & Use Tax ,
Tax Credits ,
Tax Reform ,
Wage Statements