By Rita L. Eng
On October 25, 2024, North Carolina Governor Roy Cooper signed the Disaster Recovery Act of 2024—Part II to expand Hurricane Helene interest relief for tax preparers or tax records. As previously reported (seeState Tax Update, 10/14/2024 and State Tax Update, 10/23/2024), interest relief is provided to certain taxpayers located in the counties affected by Hurricane Helene for the underpayment of the following taxes: corporate income tax; personal income tax; franchise tax; sales and use tax; and withholding tax. In addition, a technical correction has been made to remove Nash County from specifically being listed as a county eligible for relief since it is now included in the major disaster declaration. (L. 2024, S743 (c. 53), effective 10/25/2024.)
Interest relief expansion for tax preparers/tax records.
The legislation expands the waiver of interest provisions to also apply to a taxpayer whose tax preparer or records necessary to meet a tax deadline are located in the affected area. This waiver would be granted only upon request. Taxpayers seeking this waiver must notify the North Carolina Department of Revenue within 30 days of this Act becoming law that they are eligible for such relief.
Technical correction for relief for Nash County.
The legislation clarifies that additional counties, including Nash County have been designated under a major disaster declaration by President Bident under the federal Stafford Act (P.L. 93-288) as a result of Hurricane Helene. Since Nash County is now included in the major disaster declaration, Nash County no longer needs to be separately listed under statutory law as a county eligible for relief.
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