NO INTANGIBLES TAX ON TRUST ACCOUNTS

On July 12, 1985 the North Carolina General Assembly repealed the state intangibles tax on money on deposit and money on hand (including checking and savings accounts). This repeal was retroactive to January 1, 1985. This means that escrow or trust accounts will no longer be subject to this tax; however, these accounts will still be subject to the same bank service charges and fees which you have experienced in the past. The intangibles tax will still be levied on stocks and bonds.

If you have further questions, please contact your local Department of Revenue of flee or the Intangibles Tax Division of the N.C. Department of Revenue in Raleigh.