North Carolina ~ Multiple Taxes: Interest Expense Deduction Amended, Financial Swaps Added to Definition of Apportionable “Sales” , and Other Changes Enacted

Legislation has been enacted that:

— amends the corporate income tax interest expense deduction;

— broadens the definition of “sales” for purposes of the sales factor of the corporate income tax apportionment formula to include dividends and receipts from certain financial swaps and similar financial derivatives;

— adds a definition of “air transportation [...]