House Bill 122 Summary

• Makes technical and clarifying amendments to North Carolina revenue laws, including changes to business taxes, personal income taxes, sales and use taxes, and property tax administration.

• Modifies tobacco tax provisions by adding definitions for affiliated manufacturers and clarifying tax exemptions and refund procedures for cigarette distributors and manufacturers.

• Adjusts sales and use tax provisions including exemptions for certain accommodations, medical devices, and food items; extends certain economic incentive refunds for motorsports teams and aviation fuel through January 1, 2013.

• Clarifies personal income tax deductions and exemptions related to business income, standard deductions, and additional deductions for elderly or blind taxpayers if House Bill 200 becomes law.

• Updates administrative procedures for tax assessment, refunds, and collection; revises conveyance tax refund procedures to be handled by county commissioners with departmental review process; and makes conforming changes to NAICS definitions throughout the tax code.