NC S437

Amends G.S. 105-236(a)(3) to clarify that the failure to file penalty applies only to the "net amount of tax due" rather than the gross tax amount.

Prohibits the Department of Revenue from assessing a penalty on taxes that were paid timely, even if other portions of a return were filed late.

Requires the Department to refund failure to file penalties previously assessed based on timely-paid taxes and cancel assessments where all taxes were paid on time.

For outstanding assessments calculated on timely-paid taxes, the Department must cancel the assessment and may only assess a penalty on the actual net amount due.

Section 2 of the act aligns with provisions in S.L. 2012-79, while the remainder takes effect upon enactment.