NC S629

Imposes a 6% annual franchise or privilege tax on unregulated electric power companies and water companies not regulated by the North Carolina Utilities Commission with gross taxable receipts of at least $6,000,000.

Tax applies to gross receipts from furnishing electricity or selling water delivered through main lines or pipes for commercial or domestic use within North Carolina, including wholesale sales.

Requires quarterly tax payments and filings with returns detailing gross receipts inside and outside the state, purchased commodities and services, and for electric companies, receipts by city.

Effective for taxable years beginning January 1, 2012, and is intended to equalize taxation between regulated and unregulated utilities by recapturing a tax benefit previously granted.