NC H1027

Repeals G.S. 105-262(b) and creates new G.S. 105-262A establishing an expedited rule-making process for the Secretary of Revenue's authority to adjust corporate net income or require combined returns under G.S. 105-130.5A.

Secretary of Revenue cannot redetermine a corporation's state net income under G.S. 105-130.5A until rules are adopted through the expedited process; voluntary redeterminations remain allowed.

Secretary is exempt from standard state rule-making procedures (G.S. 150B-21.1 through 21.4 and Part 3 of Article 2A) but must follow expedited procedures including fiscal notes for rules with substantial economic impact.

Rules can be adopted using temporary rule procedures and become effective on the last day of the month the Codifier of Rules enters them; objections by the Commission must be resolved within one business day.

Fiscal notes are not required prior to December 31, 2012; taxpayers who relied on Directive CD-12-02 (issued April 17, 2012) may use that interpretation for the 2012 tax year if it results in lower taxable income.