NC S5

Makes technical corrections to revenue laws including changing "report" to "return" throughout various tax statutes related to franchise taxes, sales and use taxes, and income taxes.

Clarifies definitions and procedures for sales and use tax administration, including accommodations/rental tax sourcing rules, direct mail sourcing, and refund eligibility for nonprofit entities and single-member LLCs.

Updates income tax provisions by reorganizing and consolidating sections on modifications to adjusted gross income and removing obsolete statutory references.

Revises unauthorized substances tax licensing requirements to add standards for applicant eligibility, license denial grounds, and cancellation procedures; allows bonds or irrevocable letters of credit as security.

Modifies sales tax exemptions and definitions including school instructional materials, computer software for enterprise servers, and printed materials delivered through mailing houses; adjusts accommodation rental tax collection timelines for facilitators from three business days to 10 calendar days.