Senate Bill 727 - Revenue Laws Recommendations

• Updates North Carolina's Internal Revenue Code reference from January 1, 2019 to May 1, 2020, affecting how federal tax provisions are incorporated into state law.

• Decouples from certain CARES Act provisions for taxable years 2019-2020 by requiring taxpayers to add back deductions for loan forgiveness, interest expense limitations, charitable contributions, and employer-paid student loans.

• Modifies tobacco excise tax provisions by updating license cancellation procedures, record-keeping requirements, modified risk product substantiation, and bonding amounts for distributors.

• Establishes marketplace facilitator sales tax requirements effective July 1, 2020, making online platforms liable for collecting and remitting sales tax when they meet thresholds of $100,000 in sales or 200+ transactions.

• Adjusts corporate tax provisions for wholesale content distributors, modifies collection assistance fees on overdue tax debts, and extends sunset dates for certain tax incentive programs through 2025-2026.