The General Assembly passed Senate Bill 557: Various Finance Law Changes and Senate Bill 578: Reduce Franchise Tax/Expand Film Grants on Thursday, October 31 before adjourning to reconvene on November 13, 2019. Both bills were presented to Governor Cooper on November 1 for his consideration.
Senate Bill 557 includes certain provisions that were in HB 966: 2019 Appropriations Act.
- Increases standard deduction
- Expands the definition of holding company
- Enacts market-based sourcing
- Imposes state sales tax on marketplace facilitators
- Requires Revenue Laws Study Commission to study tax sunset provisions
- Requires Department of Revenue (DoR) to update electronic tax systems to send notices to taxpayer and power of attorney (POA)
As you will recall, the Association has been leading the POA effort as part of a larger initiative to modernize DoR systems on behalf of tax practitioners and taxpayers. The success of these efforts would not be possible without the support of our members. Please consider contributing to our NC CPA PAC in support of our advocacy for North Carolina CPAs.
Senate Bill 578 also includes provisions that were in HB 966.
- Reduces franchise tax
- Changes film grant to make program more attractive
A more detailed state budget tax resource, authored by Bill Nelson, is forthcoming and will be shared in a CPA Impact email this month.