NC S595

Conforms North Carolina tax law to the federal partnership audit system by allowing tax to be imposed at the partnership level for federal audit adjustments and authorizing refunds for affected partners

Expands the 8% highway use tax on short-term vehicle rentals to include peer-to-peer vehicle sharing platforms (like Turo), effective October 1, 2025

Updates the Internal Revenue Code reference date from January 1, 2023 to January 1, 2025 for state tax conformity purposes

Transfers enforcement of vapor product directory violations from the Department of Revenue to the ALE Division, with civil penalties remitted to the Civil Penalty and Forfeiture Fund

Creates a 40% historic rehabilitation tax credit for certified rehabilitation of eligible corporate campuses with at least $10 million in qualified expenditures, effective for taxable years beginning on or after January 1, 2026