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Cooper Signs Income Tax Interest Waiver into Law

On April 27, 2021 Governor Roy Cooper signed an income tax interest waiver into law. This new law waives any interest accrued on the underpayment of individual income taxes between April 15, 2021 and the extended filing deadline of May 17, 2021.

This bill also addresses three other important matters:

  • The Extra Credit Grants and COVID-19 Recovery Rebates are explained to help us understand that they are not considered income for purposes of determining eligibility under the elderly or disabled property tax homestead exclusion and the property tax homestead circuit breaker.
  • The statute of limitations for obtaining a refund for individual income tax has been extended to May 17, 2021, for claims for which the statute expires on, or after April 15, 2021, and before May 17, 2021.
  • A typographical error in S.L. 2021-5 (recently adopted unemployment insurance bill) was corrected.

Please click here to read about this new law.

Source: North Carolina Department of Revenue