NC S824

Repeals G.S. 105-262(b) and replaces it with a new 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 must adopt rules through expedited procedure rather than issuing bulletins or directives; rules cannot take effect until properly adopted and codified.

Exempts Secretary from standard rule-making procedures under G.S. 150B-21.1 through 21.4 but subjects rules to review by the Commission for legality, clarity, necessity, and proper adoption.

Establishes expedited timeline where Commission has one business day to object to proposed rules; Secretary may respond to objections or request the rule be returned for judicial declaratory judgment.

Secretary is not required to prepare fiscal notes for rules submitted before December 31, 2012, and taxpayers relying on the April 17, 2012 directive (CD-12-02) may continue using that interpretation for the 2012 tax year.