NC H974

Repeals G.S. 105-121.1 and modifies insurance company license fees, eliminating the specific taxation of domestic mutual burial associations effective April 1, 2017.

Modifies corporate income tax provisions including apportionment rules for air and water transportation corporations, financial derivative treatment, qualified interest expense limitations, and net operating loss carryforwards effective for taxable years beginning January 1, 2016 or later.

Expands personal income tax deductions for repayments of previously included income, deferred income under federal code section 108(i)(1), and business expenses where federal tax credits were claimed instead of deductions, effective for taxable years beginning January 1, 2014 or later.

Makes various sales and use tax changes including definitions for operators and park model RVs, exemptions for school fundraising events and manufacturing fuel, modifications to bundled transaction rules, and updates to the Streamlined Agreement reference effective January 1, 2017.

Modifies excise tax provisions for motor carriers, establishes bond requirements for distributors and producers, updates refund calculations for motor fuel taxes, and allows refunds for hospital authorities effective July 1, 2016 or on specified dates.