S174 Summary

• Updates North Carolina's Internal Revenue Code reference date from April 1, 2021 to January 1, 2023 for corporate and individual income tax purposes.

• Establishes new licensing requirements for tobacco product dealers, separating vapor products from other tobacco products with distinct license types effective July 1, 2024.

• Extends the Department of Revenue's tax collection period from 3 to 10 years and establishes a 10-year enforcement period for certificates of tax liability, with specific tolling provisions.

• Defines "prepared food" for sales tax purposes, establishing a 75% prepared food sales threshold to determine whether retailers must provide eating utensils to customers.

• Makes technical changes to penalty provisions for bad checks and electronic funds transfers, record retention requirements for various tax types, and motor fuel credit calculations.