The General Assembly released today the Proposed Conference Committee Substitute (the “Conference Bill”) for Senate Bill 257, the state budget bill. The Conference Bill is expected to be approved by the General Assembly later...more
A number of amendments to North Carolina’s sales tax laws applicable to the construction industry took effect January 1, 2017. These amendments will provide welcome relief to many contractors engaged in new construction....more
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
In the last two years, the General Assembly has enacted major changes to North Carolina’s corporate income tax law, including significant rate reductions, elimination of numerous incentive credits and replacement of North...more
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
An earlier Tax Alert discussed the possibility that North Carolina would adopt the single sales factor method of apportioning the business income of multi-state corporations. During the current legislative session, single...more