North Carolina Nets $100 Million in Taxes From Amnesty Program

Feb. 5, 2021, 8:41 PM

North Carolina banked nearly $100 million in disputed income taxes from multistate corporations under its first-in-the-nation voluntary program for resolving issues involving intercompany transactions.

More than 100 business taxpayers affiliated with 45 corporate groups wrote checks for $97 million after enrolling in the four-month expedited Voluntary Corporate Transfer Pricing Resolution Initiative, said Anthony Edwards, assistant secretary for tax administration at the North Carolina Department of Revenue. The department expects to collect additional unpaid taxes in the coming weeks when it closes out the program with another half-dozen taxpayers.

North Carolina’s initiative was watched closely by tax practitioners and ...

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