North Carolina ~ Corporate Income, Franchise Taxes: Notice Issued on Bank Privilege Tax Repeal

CCH Tax Day Report

The North Carolina Department of Revenue has issued an important notice on the repeal of the bank privilege tax that replaces two previous notices containing incorrect information about the effective date of the repeal and filing requirements. The tax of $30 for each $1 million of total assets applied to every bank or banking association, including each national banking association, that was operating in North Carolina as a commercial bank, an industrial bank, a savings bank, a trust company, or any combination of those facilities or services.

Important Notice, North Carolina Department of Revenue, July 12, 2016, ¶202-728

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