Two previous Tax Alerts (June 20 and June 30, 2017) provided members with a summary of the major tax legislation enacted during the North Carolina General Assembly’s regular 2017 session. One of the bills that NCACPA heavily monitored and advocated for, Senate Bill 628 (“Various Changes to Revenue Laws”), included many changes requested by the NC Department of Revenue and remained in conference as the regular session ended. With minor additional changes, the bill was enacted and signed by Governor Roy Cooper on August 11.
This new Tax Alert summarizes the most significant provisions of SB 628. This bill made numerous technical corrections—clarifying, conforming, and modernizing changes to North Carolina’s tax statutes. Amongst other sections, the Tax Alert includes information on changes to personal income tax, franchise tax, corporate income tax, property tax, sales tax, and compliance/administration. Bill Nelson, a partner with Smith Anderson, has provided NCACPA with each of the Tax Alerts.