GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1991

S	2 

SENATE BILL 1248
House Committee Substitute Favorable 7/8/92

Short Title:  Individual Estimated Tax Penalty Limit.  	(Public)
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June 8, 1992

A BILL TO BE ENTITLED
AN ACT TO MAKE THE STATE THRESHOLD FOR IMPOSITION OF A PENALTY FOR UNDERPAYMENT OF INDIVIDUAL INCOME TAXES THE SAME AS THE FEDERAL THRESHOLD.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-163.15(f) reads as rewritten:
"(f)	No addition to the tax shall be imposed under subsection (a) if the tax shown on the return for the taxable year reduced by the tax withheld under Article 4A is less than the amount set in section 6654(e) of the Code or if the individual did not have any liability for tax under Division II of Article 4 for the preceding taxable year."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1992.