H59 - Revenue Laws Technical Changes

• Updates Internal Revenue Code reference date from January 1, 2016 to January 1, 2017 for North Carolina income and franchise tax purposes.

• Modifies railroad intermodal facility tax credit to clarify facility must be placed in service during the taxable year and prohibits credit if costs were funded by public funds; prevents double credits when taxpayer leases facility unless lessor certifies they will not claim credit.

• Expands federal correction reporting requirements to include filing status, personal exemptions, standard deduction, itemized deductions, and federal tax credits affecting state tax liability within six months of federal determination.

• Updates Streamlined Sales and Use Tax Agreement reference date from September 17, 2015 to December 16, 2016 and removes definition of "protective equipment" from sales tax definitions.

• Makes technical corrections to excise tax provisions including updating fuel tax definitions, International Fuel Tax Agreement reference date to January 1, 2017, adding marine vessels as import method for biodiesel and fuel alcohol, and clarifying secretary notification procedures for fuel diversion.