S.L. 2011-330 (Senate Bill 267) Summary

• Makes technical and clarifying changes to North Carolina revenue laws related to business taxes, excise taxes, sales and use taxes, income taxes, and property taxes.

• Modifies cigarette and tobacco tax provisions including definitions for affiliated manufacturers, exemptions for manufacturers shipping to distributors, and refund procedures for unsalable cigarettes.

• Updates sales and use tax exemptions and definitions including over-the-counter drugs, accommodations rentals with facilitator requirements, and Energy Star qualified products.

• Adjusts income tax provisions including personal exemptions based on filing status and adjusted gross income levels, standard deduction amounts, and net operating loss deductions for taxable years 2011-2013.

• Modifies excise tax on conveyances refund procedures, clarifies property tax payment timing for mailed payments, and updates various administrative provisions related to tax licensing, penalties, and departmental procedures.