Do you know that the phrase “never say never” first appeared in the Charles Dickens’ novel The Pickwick Papers? On Saturday, the NC General Assembly proved it true once again by passing unanimously Senate Bill 704: COVID-19 Recover Act.
One of the bill’s primary sections was to direct the NC Department of Revenue to waive the accrual of interest on any individual income, corporate or franchise tax returns for the period of April 15, 2020 through July 15, 2020.
Other sections Include:
The legislature is expected to return several weeks from now to address additional relief legislation.
LCPA would like to personally thank our state legislature in addressing this issue and recognizing the urgency required to pass this bill.
We will continue to follow this and make you aware of important legislation being considered.
Please contact us if we can help with anything.