On March 31, 2015 the NC Legislature finally passed and the Governor signed Senate Bill 20 (you want the ratified version) bringing NC’s law mostly in line with 2014 federal tax law changes. A whole 15 days before the April 15th deadline and only 16 days after calendar year corporate returns were due. The NC Department of Revenue has a brief summary here (downloads as a PDF).
Wouldn’t it be nice to be able to complete your work at least three months late and have no penalty? If so, join the Legislature and you can take all the time you want to do your job.
In defense of the Legislature, most of the changes the liberals accuse the Legislature of doing were already the law. For example, if the Legislature had done nothing then debt forgiveness on principal residence debt would still have been taxable. What the Legislature really decided was to not accept a federal change but stick with our existing law.m For an example, see this post by the Progressive Pulse. On the other hand, the Progressive Pulse is correct that the gas tax changes are effectively a tax increase.
You can read my earlier posts on the Legislature’s slow work here and here.
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