North Carolina Governor Signs Law Concerning Income, Property, Sales, Excise Tax Technical, Administrative Changes

The North Carolina Governor April 3 signed a law making various technical, clarifying, and administrative changes to the revenue laws, for excise, property, sales and use, corporate income, trust income, and individual income tax purposes. The law includes measures: 1) changing the Internal Revenue Code conformity date to Jan. 1; 2) stating that an S Corporation is taxable in another state if its business activity in that state subjects it to a net income tax or a tax measured by net income; 3) providing information on excise tax exemptions and sales taxability of prepared foods; 4) specifying that the amount ...