NC S1172

Modifies the 10% failure to pay tax penalty to allow an exemption when a taxpayer requests a Departmental review of a proposed assessment, extending the 45-day payment period until after the review is completed.

Adds exemptions from the failure to pay penalty for consolidated tax returns filed at the Secretary's request, with the 45-day payment period running from either the filing date or the end of Departmental review, whichever is later.

Exempts consolidated returns from being considered deficiencies and from negligence penalties when filed at the Secretary's request under G.S. 105-130.6.

Applies retroactively to unpaid penalties as of the effective date, penalties paid before the effective date if the underlying tax is subject to pending administrative or judicial action, and all penalties and taxes assessed after the effective date.