North Carolina Governor Signs Helene Disaster Relief Law, Includes Tax Relief Measures

The North Carolina Governor Oct. 10 signed the Disaster Recovery Act of 2024. The law includes: 1) providing financial relief to certain taxpayers located in the counties affected by Hurricane Helene who would otherwise be required to file returns and make tax payments in the immediate wake of the recovery period; 2) providing a mandatory waiver for the accrual of interest that applies to late filings and payments; and 3) providing additional time for partnerships and S Corporations to file for an election to be taxed at the entity level for entities with extensions expiring Oct. 15. The law generally ...