North Carolina is officially not charging interest if you pay by July 15th

Jon Weaver Tax Information

The North Carolina Department of Revenue confirmed they will not charge interest between now and July 15th on balances related to the 2019 tax year. The exact wording from the notice is below. Please note that the interest waiver does not apply to balances related to tax years prior to 2019. Those balances will continue to build interest.

“Under Session Law 2020-3, the Department will not charge interest on an underpayment of tax due on a franchise, corporate income, or individual income tax return, including a partnership tax return and an estate and trust tax return, (collectively “Affected Tax Returns”) due to be filed between April 15, 2020, and July 15, 2020 (collectively, the “COVID Period”). As enacted, interest will not accrue (accumulate) on an underpayment of tax during the COVID Period. Importantly, interest will begin accruing on underpayments of tax beginning July 16, 2020.”