Bill > H554

This bill addresses several technical, administrative, and tax-related changes across multiple areas of North Carolina state law. Here's a summary of its key provisions: The bill makes technical modifications to revenue laws, including changes to tax calculations for S Corporations and partnerships, updates to income tax residency definitions, and adjustments to tax reporting requirements. It introduces a new system for handling federal partnership adjustments, allowing partnerships to report and pay taxes at the entity level for certain federal audit changes. The bill expands the definition of diesel fuel to include renewable diesel and modifies provisions related to motor fuel taxation. It updates sales tax rules for remote sellers and marketplace facilitators, and provides tax parity for short-term car rentals by expanding the alternate highway use tax to include peer-to-peer vehicle rental services. Additionally, the bill makes administrative changes to various state departments, modifies penalties for certain tax-related violations, and adjusts property tax exemptions. The legislation includes multiple effective dates for different sections, with some provisions becoming law immediately and others taking effect on specific dates in 2025.

Budget and Finance

https://www.ncleg.gov/BillLookUp/2025/H554