Governor Roy Cooper signed the state budget on November 18 that the North Carolina General Assembly passed this week. There are a variety of important tax changes in the budget, including one that affects all North Carolina...more
On December 9, Kay Miller Hobart and Madison Felder filed an amicus brief on behalf of the Council On State Taxation (COST) and its more than 500 members in the closely watched case of Amazon Services, LLC v. South Carolina...more
On Wednesday, the South Carolina Court of Appeals issued an opinion that could provide relief to owners of commercial and investment properties, many of whom are already experiencing turbulence in development and acquisition...more
As part of a broad $1.57 billion COVID-19 relief package approved Saturday, the North Carolina General Assembly has directed Secretary of Revenue Ronald Penny to waive interest on certain tax payments that were originally due...more
On March 27, Congress passed, and the president signed, the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) in response to the coronavirus pandemic and resulting economic turmoil. The $2 trillion stimulus...more
The South Carolina legislature finalized two bills this week that will impact economic development, the broader business community, and nearly every taxpayer in the state.
The bill with the widest impact – H.5341 – was...more
Today the United States Supreme Court fundamentally changed the rules governing when states may impose a sales tax. For more than 50 years, decisions from the Supreme Court protected retailers without a “physical presence” in...more
6/22/2018
/ Appeals ,
Commerce Clause ,
Constitutional Challenges ,
Internet Retailers ,
Interstate Commerce ,
Out-of-State Companies ,
Physical Presence Test ,
Quill ,
Reversal ,
Sales & Use Tax ,
SCOTUS ,
South Dakota v. Wayfair ,
Substantial Nexus
On Friday, the North Carolina Supreme Court issued its opinion in a closely watched state tax case, holding the state’s taxation of a trust unconstitutional. In The Kimberley Rice Kaestner 1992 Family Trust v. North Carolina...more
Today the United States Supreme Court heard oral arguments in South Dakota v. Wayfair – a case that could fundamentally change the rules governing when a state may impose sales or use tax collection responsibilities on a...more
The North Carolina General Assembly passed two significant pieces of legislation affecting corporate activity, expansion and new investment in North Carolina.
First, the General Assembly passed the state budget...more
Last year, the North Carolina General Assembly delayed the repeal of the tax credit for investing in renewable energy property in N.C. Gen. Stat. § 105-129.16A. Under the delayed sunset, the credit is repealed for renewable...more
The North Carolina General Assembly unveiled the state budget late Monday night – 76 days after it was due. Contained in the 429 pages are a number of proposed changes to the corporate income and franchise tax....more
The North Carolina Business Court held North Carolina’s taxation of a trust unconstitutional in Kaestner v. North Carolina Department of Revenue. N.C. Gen. Stat. § 105-160.2 imposes a tax on the undistributed income of a...more
North Carolina state officials have announced a projected $400 million revenue surplus for the current fiscal year. The anticipated surplus is mainly due to higher income tax payments and lower refunds compared to last year....more
The Kimberly Rice Kaestner 1992 Trust (the “Trust”) originated from the Joseph Lee Rice, III Family 1992 Trust (the “JLR Trust”) created in 1992. The JLR Trust was created in New York when its initial trustee and settlor were...more