North Carolina S595: Various Revenue Laws Changes.

What the bill says

An act to make various changes to the revenue laws; to shift enforcement of vapor directory violations to the ale division; to enhance tax foreclosure and special assessment collection efforts; to update laws related to credit unions; to update the reference to the internal revenue code; to protect disabled and older adults from financial exploitation and to update the savings bank laws to increase alignment with the commercial banking laws; to provide a methodology for retailers to round cash transactions due to the elimination of the penny…

From the introduced text:

AN ACT TO MAKE VARIOUS CHANGES TO THE REVENUE LAWS; TO SHIFT ENFORCEMENT OF VAPOR DIRECTORY VIOLATIONS TO THE ALE DIVISION; TO ENHANCE TAX FORECLOSURE AND SPECIAL ASSESSMENT COLLECTION EFFORTS; TO UPDATE LAWS RELATED TO CREDIT UNIONS; TO UPDATE THE REFERENCE TO THE INTERNAL REVENUE CODE; TO PROTECT DISABLED AND OLDER ADULTS FROM FINANCIAL EXPLOITATION AND TO UPDATE THE SAVINGS BANK LAWS TO INCREASE ALIGNMENT WITH THE COMMERCIAL BANKING LAWS; TO PROVIDE A METHODOLOGY FOR RETAILERS TO ROUND CASH TRANSACTIONS DUE TO THE ELIMINATION OF THE PENNY; AND TO INCREASE COMPENSATION FOR MEMBERS OF THE BOARD OF TRUSTEES OF THE PIEDMONT AUTHORITY FOR REGIONAL TRANSPORTATION. The General Assembly of North Carolina enacts: PART I. PERSONAL INCOME TAX CHANGES SECTION 1.1.(a) G.S. 105-153.5(c1) reads as rewritten: "(c1) Other Additions. Adjustments. - The following other adjustments shall be made in determining North Carolina taxable income: (1) S Corporations subject to the provisions of Part 1A of this Article, partnerships subject to the provisions of this Part, and estates and trusts subject to the provisions of Part 3 of this Article must add any amount deducted under section 164 of the Code as state, local, or foreign income tax. (2) A shareholder of an S Corporation subject to the provisions of Part 1A of this Article may deduct the aggregate amount of losses …

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Sponsors

• McInnis, Tom (R, 21) · primary sponsor