Tax News

CCH (cch.taxgroup.com) reports:

  Governor Michael F. Easley signed North Carolina's budget bill, thereby enacting numerous changes to corporation franchise and income tax, personal income tax, sales and use tax, insurance gross premiums tax, and property tax changes. These changes advance the Internal Revenue Code (IRC) conformity date; require a corporate and personal income tax addback adjustment for any federal bonus depreciation deduction claimed; extend, expand, and modify numerous credits against corporate franchise and income taxes, personal income tax, and insurance gross premium tax; enact a new personal and corporate income tax deduction for a qualified sale of a manufactured home community; ease the reporting requirements for publicly traded partnerships; clarify the franchise tax treatment of limited liability companies; revise the franchise tax base for captive real estate investment trusts (REITs); and set the insurance and utility regulatory fees for the 2008 fiscal and calendar years.

  Provisions affecting sales and use taxes (TAXDAY, 2008/07/18, S. 24), and property tax, gift and estate taxes, and practice and procedure (TAXDAY, 2008/07/18, S. 23) are reported separately.