Income tax

Impact of the law of session 2021-180 on the tax returns of individuals and companies in NC; NCDOR Now Accepting Business Takeover Grant Applications | Kilpatrick Townsend & Stockton LLP

On November 18, 2021, Governor Cooper enacted Sessional Law 2021-180 (Senate Bill 105). This legislation updated North Carolina’s reference to the Internal Revenue Code from May 1, 2020 to April 1, 2021. As enacted, any changes made on April 1, 2021, including any changes made by the Consolidated Appropriations Act, 2021 (CAA) and the American Rescue Plan Act of 2021 (ARPA) (collectively, the “Federal Income Tax Provisions”), apply to North Carolina income tax to the extent where North Carolina follows federal tax provisions.

Last week, the North Carolina Department of Revenue (NCDOR) released an advisory explaining how specific federal provisions included in the CAA and ARPA affect North Carolina personal and corporate income tax returns, for tax year 2020. This notice also provides instructions on how a Taxpayer can amend an NC tax return for tax year 2020. Any impact of CAA and ARPA on NC tax returns for the 2021 tax year will be addressed in the instructions for NC 2021 tax returns, which are expected to be released in early 2022. The full notice of NCDOR can be found here.

Additionally, NCDOR announced today that it will begin accepting applications for Business Takeover Grants on Thursday, December 16, 2021. The Business Takeover Grants (BRG) program will make a one-time payment to eligible businesses. of North Carolina who suffered significant economic losses due to COVID-19[FEMININELapériodedecandidatureseterminerale31janvier2022Plusdedétailssurleprogrammedesubventionspeuventêtretrouvésici

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