During a rare Saturday session, the North Carolina General Assembly unanimously passed COVID-19 response legislation to provide immediate relief for various sectors of the state due to the Coronavirus pandemic. This bill is on its way to the Governor.
As a result of your advocacy efforts, Senate Bill 704: COVID-19 Recover Act included NCACPA priorities for tax relief.
- Accrual of Interest: Directs the Department of Revenue (DOR) to waive the accrual of interest on any individual income, corporate or franchise tax returns for the period from April 15, 2020 through July 15, 2020.
- Refund Claims Deadline: Extends the dates for filing certain refund claims. Any claim for a refund of income or franchise taxes, which would otherwise be due between April 15, 2020 and July 15, 2020 would otherwise be considered timely if filed by July 15, 2020.
- Tax Appeals Deadlines: Extends the deadlines for taking certain actions in connection with tax appeal proceedings. Any filings required to be made after April 1, 2020 and before July 15, 2020 would be considered timely if filed by July 15, 2020.
The legislature is expected to return in several weeks for additional relief legislation, and we will continue to advocate for our priorities on behalf of NCACPA.