North Carolina ~ Corporate Income Tax: House Passes Bill to Set Procedures for Requiring Combined Reporting

The North Carolina House has approved the bill recently passed by the North Carolina Senate that would, if enacted, establish new procedures for the Secretary of Revenue to follow prior to (1) adjusting intercompany transactions between affiliated corporations or (2) requiring a corporation and its affiliates to file a combined return for corporate income tax purposes (TAXDAY, 2011/06/20, S.28). Amendments made by the House would change the effective date of the bill to generally apply on January 1, 2012, with the acts granting the Department of Revenue authority to eliminate intercompany transactions and/or require combined reporting to apply to assessments proposed for taxable years beginning on or after January 1, 2012.

H.B. 619, as ratified by the North Carolina General Assembly on June 18, 2011

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Wolters Kluwer Tax and Accounting

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