Senate Bill 20 – IRC Update/Motor Fuel Tax Law Changes

This bill addressed the critically important and time-sensitive issue of tax conformity resulting from the passage of the Tax Increase Prevention Act (TIPA) of 2014. TIPA was enacted after the NC General Assembly had adjourned, so the 50 provisions extended in the federal Act had not yet been addressed by NC lawmakers, creating uncertainty and challenge for both taxpayers and tax advisors working on 2014 tax returns. NCACPA worked with the General Assembly for several months to address these provisions on a state level, resulting in the passage of Senate Bill 20.

April 2015