SB 351

Amends GS 105-130.19 (pertaining to when taxes must be paid by corporations) and GS 105-131.1A (pertaining to taxation of an S Corporation as a taxed pass through entity) to allow for the entity to defer the full amount of tax payable to the next taxable year if the corporation has been in existence less than five years and files a return showing a State net income of less than $5,000 for the taxable year. Makes conforming changes. Amends GS 105-157 to allow business entities, including LLC’s LLP’s and taxed partnerships, to defer the full amount of tax payable under Part 2 (individual income tax) of GS Chapter 105 to the next taxable year if the business entity has been in existence less than five years and files a return showing a State net income of less than $5,000. Effective for taxable years beginning on or after January 1, 2026.