Bill > S595

This bill makes various technical, clarifying, and administrative changes to North Carolina's revenue laws, covering multiple areas of taxation and financial regulation. The key provisions include conforming to the federal system for auditing partnerships by imposing tax at the partnership level for federal changes and authorizing refunds, providing tax parity for short-term car rentals by expanding alternate highway use tax to include peer-to-peer rentals, shifting enforcement of vapor directory violations to the ALE Division, enhancing tax foreclosure and special assessment collection efforts, and updating laws related to credit unions. Specifically, the bill modifies tax reporting requirements for partnerships, introduces new reporting mechanisms for federal partnership adjustments, updates definitions and tax rates for various transactions, expands investment options for credit unions, provides new tax credits for corporate campus rehabilitation, and makes administrative changes to vapor product registries. The bill contains multiple parts that address different aspects of state tax law and financial regulation, with various effective dates ranging from immediate implementation to January 1, 2026, depending on the specific provision.

Budget and Finance, Government Affairs

https://www.ncleg.gov/BillLookUp/2025/S595