NC S715

Updates Internal Revenue Code reference from January 1, 2017 to current date for North Carolina tax purposes, including provisions for Opportunity Zones and qualified business income.

Modifies sales and use tax definitions and treatment for mixed transactions, repair and maintenance services, service contracts, and real property improvements; extends grace period for certain sales tax compliance errors through January 1, 2019.

Requires taxpayers to file state income tax returns within six months of federal corrections or amended returns affecting state tax liability, with penalties and refund forfeiture for non-compliance.

Makes various adjustments to business taxes including corporation definitions, franchise tax calculations, captive insurance company taxation, and exclusions from property tax for certain entities.

Establishes registration requirements for alcohol permit holders, adjusts excise tax rates for tobacco and motor fuel, and allows Department of Revenue to maintain information security standards independent of IT consolidation efforts.