GENERAL ASSEMBLY OF NORTH CAROLINA

1985 SESSION

 

 

CHAPTER 983

SENATE BILL 903

 

AN ACT TO EXEMPT SMALL PARTNERSHIPS FROM PENALTIES FOR FAILURE TO FILE INFORMATIONAL RETURNS WHEN SUCH PARTNERSHIPS QUALIFY FOR A FEDERAL EXEMPTION FROM SUCH PENALTIES.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-236(10)a. is amended by adding the following at the end: "No tax may be assessed against the delinquent when it is a partnership as defined under Section 6231(a)(1)(B) of the Code and no penalty could be assessed as provided by Rev. Proc. 84-35, except that for the purpose of Section 3.01 of that procedure 'the Department of Revenue' is substituted for 'the Internal Revenue Service'."

Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1986.

In the General Assembly read three times and ratified, this the 11th day of July, 1986.