A top legislative priority for NCACPA was signed into law by Governor Roy Cooper on April 27, shortly after the bill received unanimous approval by the Senate.
Under HB 279 (S.L. 2021-16), North Carolina waives any interest accrued on the underpayment of individual income taxes between April 15, 2021, and the extended filing deadline of May 17, 2021.
The Secretary of Revenue already has statutory authority to waive penalties for late payment when the tax deadline is extended, but the authority to waive interest rests with the General Assembly.
The measure passed by bipartisan, unanimous support in the House earlier in the month. After it cleared the Senate, the enrolled bill was sent to the governor by special message that evening. He signed it immediately.
In addition to the interest waiver, the bill addresses three other matters:
- Clarifies that Extra Credit Grants and COVID-19 Recovery Rebates are not considered income for purposes of determining eligibility under the elderly or disabled property tax homestead exclusion and the property tax homestead circuit breaker.
- Extends the statute of limitations for obtaining a refund for individual income tax to May 17, 2021, for claims for which the statute expires on or after April 15, 2021, and before May 17, 2021.
- Corrects a typographical error in the recently adopted unemployment insurance bill (S.L. 2021-5).
NCACPA expresses its appreciation to all members of the General Assembly for supporting this legislation, and we extend special thanks to the bill’s primary sponsors, Representatives Julia Howard (R-Davie), John Szoka (R-Cumberland), John Bradford (R-Mecklenburg), and Mitchell Setzer (R-Catawba); and Senators Paul Newton (R-Cabarrus), Bill Rabon (R-Brunswick), and Warren Daniel (R-Burke).
If you have questions about this issue or other policy matters, please contact NCACPA Director of Advocacy Robert Broome, CAE.