Today the NC General Assembly is considering the Senate Bill 99 Appropriations Act of 2018 Conference Report that was posted on the website of the General Assembly last evening. This report cannot be amended, except by a subsequent act of the General Assembly.
We are pleased to report to our members that included in the report is a provision requiring anyone granted an extension for filing a federal income tax return is granted an automatic extension to file the corresponding state income tax return and franchise tax return. This section becomes effective for taxable years beginning on or after January 2019. We are most grateful to members of the General Assembly for considering the request by the Association to make this change, and for choosing to do so this year!
Thank you to NCACPA members who made calls to legislators in their network to stress the importance of this provision to taxpayers as well as practitioners.
There are many other proposed changes to state tax law and you may access the provisions here. A summary is being prepared for publication later this week.