NC S446

Allows corporations less than five years old with state net income under $5,000 to defer income tax payments to the next taxable year

Extends the same tax deferral provision to S Corporations meeting the age and income thresholds

Requires state agencies to encourage use of in-state contractors that have been in operation for less than five years in purchasing decisions

Mandates the Department of Administration compile and report to the General Assembly data on state contracts awarded to contractors less than five years old, including contract numbers, dollar amounts, demographics, and geographical breakdown

Tax deferral provisions effective for taxable years beginning January 1, 2023; contractor encouragement and reporting provisions effective October 1, 2023