Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 37
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
416
SECTION
GENERAL ADMINISTRATION
GENERAL ADMINISTRATION
G.S. 105-228.90(b)(16) - Reference to the Internal Revenue Code Updated:
The calculation of North Carolina taxable income begins with federal taxable income as
defined under the Internal Revenue Code (“Code”). State law defines the Code as the
Code enacted as of a certain date. When our State law‟s reference date to the Code is
updated each year, that change conforms North Carolina law to federal law that has
been enacted as of that date, except for any items for which specific adjustments are
required by State law.
This subdivision was amended to update the reference to the Internal Revenue Code
from January 1, 2011 to January 1, 2012. Notwithstanding the effective date, any
amendments to the Internal Revenue Code enacted after January 1, 2011 that increase
North Carolina taxable income for the 2011 taxable year become effective for taxable
years beginning on or after January 1, 2012.
(Effective June 26, 2012, SB 826, s. 1.7.(a), S.L. 12-79.)
G.S. 105-236(a)(3) – Penalty, Failure to File: This subdivision was amended to
eliminate the $5 minimum penalty. The penalty will be based on the appropriate
percentage regardless of the result.
(Effective January 1, 2014, SB 826, s. 2.18(a), S.L. 12-79.)
G.S. 105-236(a)(4) – Penalty, Failure to Pay: This subdivision was amended to
eliminate the $5 minimum penalty. The penalty will be based on the appropriate
percentage regardless of the result.
(Effective January 1, 2014, SB 826, s. 2.18(a), S.L. 12-79.)
G.S. 105-241(b)(2a) – Technical Change; Motor Fuel Taxes: This subsection was
amended to replace the phrase “is required to file” with the word “files”. This clarifies
that the taxpayer is required to pay the tax by electronic funds transfer any time it files a
return under the specified articles.
Effective July 1, 2012, SB 826, s.2.15, S.L. 12-79.)
31
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