Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 20
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41S.L. 11-390, with G.S. 105-130.5A, Secretary‟s Authority to Adjust Net Income or
Require a Combined Return.
(Effective June 26, 2012, SB 826, s. 1.14.(c), S.L.12-79.)
G.S. 105-130.14(3) – Conforming Change; Corporations Filing Consolidated
Returns for Federal Income Tax Purposes: A corporation which elects or is required
to file a federal consolidated return must file a single entity return for State income tax
purposes except in specific circumstances. This subsection was amended to replace
the reference to G.S. 105-130.6, which was repealed by S.L. 11-390, with G.S. 105-
130.5A, Secretary‟s Authority to Adjust Net Income or Require a Combined Return, and
to provide that the Secretary will allow, rather than require, a consolidated or combined
return if a corporation makes the request in writing and files the return in accordance
with the written request.
(Effective June 26, 2012, SB 826, s. 1.14.(c), S.L.12-79.)
G.S. 105-130.15(a) – Conforming Change: This subsection was amended to delete
language regarding the Secretary‟s opinion as to whether a methodology used by the
taxpayer to compute its income is proper. Rules for determining income attributable to
activities conducted in this State are codified in G.S. 105-130.5A.
(Effective January 1, 2012 and applies to assessments issued on or after that date; HB
619, s. 3, S.L. 11-390.)
G.S. 105-130.16 - Returns: Subsections (b) and (c) were repealed. These are some
of the statutes primarily relied on by the Secretary to combine corporations when true
earnings were not reported to this State. Rules for determining income attributable to
activities conducted in this State are codified in G.S. 105-130.5A.
(Effective January 1, 2012 and applies to assessments issued on or after that date; HB
619, s. 4, S.L. 11-390.)
G.S. 105-130.47(k) – Extended Sunset for Credit for Qualifying Expenses of a
Production Company: This subsection was amended to extend the sunset date for
this credit to January 1, 2015. The sunset date had been January 1, 2014.
(Effective July 17, 2012, SB 847, s. 79.10.(a), S.L. 12-194.)
G.S. 105-130.48(f) – Extended Sunset for Credit for Recycling Oyster Shells: This
subsection was amended to extend the sunset date for this credit to January 1, 2014.
The sunset date had been January 1, 2013.
(Effective June 20, 2012, HB 1025, s. 6.(a), S.L. 12-36.)
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