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Politics

Interest On NC Taxes Paid Waived In Bill Heading To Cooper

1040 tax form
Ken Teegardin
/
Flickr / Creative Commons Attribution-Share Alike 2.0 Generic

North Carolina income tax filers won't have to pay interest on payments turned in by the new May 17 deadline in a bill receiving final legislative approval on Tuesday.

The legislation, heading to Gov. Roy Cooper's desk after the Senate approved it unanimously, addresses a result from an IRS decision to push its traditional April 15 deadline by one month to give people more time to deal with taxes during the pandemic.

State Revenue Secretary Ron Penny extended the North Carolina income tax deadline on his own to the same date because he had the power to do so.

While Penny was able to waive penalties on payments made after April 15 but by the new date, he couldn't forgive any interest on those payments without new legislation like what the General Assembly has now approved.

Cooper signed a bill last year eliminating the interest mandate when the 2020 state deadline was delayed by three months.

This year's measure also extends the statute of limitations for tax filers from previous years to seek refunds by up to an additional month.