North Carolina releases combined reporting draft regulation

The North Carolina Department of Revenue has issued a draft of combined corporate income tax rules in regulation form. The draft has yet to be published in the North Carolina Register. The regulation would take effect for tax years beginning on or after January 1, 2011. An introductory statement provides that the adoption of the regulation would not limit the Department's authority to otherwise require the filing of a combined return under facts and circumstances different from those set out in the proposed regulation.

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