Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 31
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41least eighty million dollars ($80,000,000) has been or will be made in real and tangible
personal property for the facility within five years after the date on which the first
property investment is made and that the facility will achieve an employment level of at
least 550 within five years after the date the facility is placed into service and maintain
that minimum level of employment throughout its operation. If the required level of
investment or employment to qualify as a large manufacturing and distribution facility is
not timely made, achieved, or maintained, then the rate provided under this new section
is forfeited. If the rate is forfeited due to a failure to timely make the required investment
or to timely achieve the minimum required employment level, then the rate provided
under this new section is forfeited on all purchases. If the rate is forfeited due to a
failure to maintain the minimum required employment level once that level has been
achieved, then the rate provided under this new section is forfeited for those purchases
occurring on or after the date the taxpayer fails to maintain the minimum required
employment level. A taxpayer that forfeits a rate under this new section is liable for all
past sales and use taxes avoided as a result of the forfeiture, computed at the
applicable State and local rates from the date the taxes would otherwise have been
due, plus interest at the rate established under G.S. 105-241.21. Interest is computed
from the date the sales or use tax would otherwise have been due. A credit is allowed
against the State sales or use tax owed as a result of the forfeiture provisions of this
subsection for privilege taxes paid pursuant to this section. For purposes of applying
this credit, the fact that payment of the privilege tax occurred in a period outside the
statute of limitations provided under G.S. 105-241.6 is not considered. The credit
reduces the amount forfeited, and interest applies only to the reduced amount. The
past taxes and interest are due 30 days after the date of forfeiture. A taxpayer that fails
to pay the past taxes and interest by the due date is subject to the provisions of G.S.
105-236.
(Effective July 1, 2013 and applies to purchases made on or after that date; HB 751, s.
2, S.L. 11-302; This section expires for sales occurring on or after July 1, 2018; HB 751,
s. 2, S.L. 11-302.)
911 SERVICE CHARGE FOR PREPAID WIRELESS
TELECOMMUNICATIONS SERVICE – ARTICLE 5H
G.S. 105-187.70 – Department Comply with Article 3 of Chapter 62A of the General
Statutes: This is a new article that requires the Department of Revenue to comply with
the provisions of Article 3 of Chapter 62A of the General Statutes to receive and transfer
to the 911 Fund the 911 service charges for prepaid wireless telecommunications
service collected on retail transactions occurring in this State. The Department has
been tasked with collecting the 911 service charges for prepaid wireless
telecommunications service which will include activities such as processing forms and
remittances, distributing collections, and auditing.
(Effective July 1, 2013 and applies to all retail transactions occurring in this State; HB
571, s. 6, S.L. 11-122. Effective June 26, 2012, a technical correction changed the
statutory catchline to correct Article 4 enacted in the original legislation to Article 3; SB
826, s. 1.6, S.L. 12-79.)
25
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form E-505 - Tax Law Changes - North Carolina Department Of Revenue - 2012
Financial
Form D-422 - Underpayment Of Estimated Tax By Individuals - North Carolina Department Of Revenue - 1998
Financial
North Carolina Department Of Revenue (form Nc 8633) Application To Participate In The Electronic Filing Program
Financial
Form E-585s - Incentive Claim For Refund State And County Sales And Use Taxes Form - North Carolina Department Of Revenue - North Carolina
Financial
Form Nc-478b - 2012 Tax Credit Investing In Machinery And Equipment - North Carolina Department Of Revenue
Financial
Instructions For Form Nc-478 Series - Summary Of Tax Credit Limited To 50% Of Tax - North Carolina Department Of Revenue
Financial
Related Categories
Parent category: Financial