North Carolina H554 revises tax laws, aligns with federal partnership auditing, and expands highway use tax to include peer-to-peer vehicle rentals.

North Carolina H554 introduces technical and clarifying changes to the state's revenue laws. It aligns the state's system for auditing partnerships with the federal system, imposing tax at the partnership level for federal changes and authorizing refunds for federal changes. The bill also provides tax parity for short-term car rentals by expanding the alternate highway use tax to include peer-to-peer rentals. Additionally, it modifies the definitions and provisions related to various taxes, including personal income tax, excise tax, sales tax, and property tax.

North Carolina H554 revises tax laws, aligns with federal partnership auditing, and expands highway use tax to include peer-to-peer vehicle rentals.

North Carolina H554 introduces technical and clarifying changes to the state's revenue laws. It aligns the state's system for auditing partnerships with the federal system, imposing tax at the partnership level for federal changes and authorizing refunds for federal changes. The bill also provides tax parity for short-term car rentals by expanding the alternate highway use tax to include peer-to-peer rentals. Additionally, it modifies the definitions and provisions related to various taxes, including personal income tax, excise tax, sales tax, and property tax.