H149 - Disaster Recovery Act of 2024. (SL 2024-51)
Session Year 2024
Overview: Section 13.1 of S.L. 2024-51 provides financial relief to certain taxpayers located in the counties affected by Hurricane Helene who would otherwise be required to file returns and make tax payments in the immediate wake of the recovery period. The relief is in the form of a mandatory waiver by the Secretary of Revenue of the accrual of interest that applies to late filings and payments. The length of the waiver period varies based on the tax type. It also provides additional time for partnerships and S Corporations to file for an election to be taxed at the entity level, which was otherwise due by October 15, 2024, for those entities that had extensions expiring on that date.
This section became effective October 10, 2024.
Additional Information: