Bill > S322

This bill: Modifies the Internal Revenue Code (IRC) conformity date from May 1, 2020 to April 1, 2021 for corporate and individual income tax purposes. It also makes various technical, clarifying, and administrative changes to the personal income tax, corporate income tax, sales and use tax, and excise tax laws. The bill allows S corporations and partnerships to elect to be taxed at the entity level, which can help mitigate the impact of the federal cap on the state and local tax deduction for individual taxpayers. It also modifies the excise tax on premium cigars, extends the time to complete eligible projects under the mill rehabilitation tax credit programs, limits the gross premiums tax on surety bonds, provides tax parity for short-term vehicle rentals, and graduates late payment penalties. Finally, the bill creates a separate state net operating loss calculation for individual income tax purposes.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2021/S322