NC S395

Reinstates G.S. 105-164.21 to allow retailers paying retail sales and use tax to deduct a 3% discount, not to exceed $5,000, when remitting tax to the Department.

Secretary of Revenue may deny the discount for failure to pay full tax when due, fraud, evasion, or failure to keep accurate records.

Excludes discount eligibility for sales of electricity, piped natural gas, telecommunications, and video programming services.

Explicitly prohibits merchant's discount from applying to taxes on motor vehicle limited possession commitments, tire sales, white goods sales, and dry-cleaning solvent sales.

Effective July 1, 2023, for returns filed on or after that date.