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Effective July 1, 2024, real estate agents and many other professionals in North Carolina will no longer need to obtain a yearly privilege license.
This change is due to the repeal of N.C. Gen. Stat. § 105-41, as enacted by Session Law 2023-134, s. 42.7(a).
What Does This Mean for You?
Previously, N.C. Gen. Stat. § 105-41 mandated that individuals practicing certain professions or engaging in specific businesses in North Carolina obtain a statewide privilege license each year. This requirement is now eliminated, meaning professionals and businesses that were subject to this regulation no longer need to renew their privilege license annually beginning on 7/1/2024.
Professions and Businesses Affected by the Repeal
The repeal affects a wide range of professions and businesses. Here are some of the key ones:
Accountants and Certified Public Accountants
Engineers and Registered Land Surveyors
Physicians, Surgeons, and Assistants
Real Estate Brokers and Agents
Architects and Landscape Architects
Psychologists and Naturopaths
Veterinarians, Opticians, and Optometrists
Funeral Directors, Embalmers, and Funeral Services Licensees
Chiropractors, Dentists, and Podiatrists
Massage and Bodywork Therapists
Photographers and their Agents
Independent Bookkeepers and Physical Therapists
Real Estate Appraisers and Licensed Home Inspectors
This list is not exhaustive, and the repeal impacts many other professions as outlined in the statute.
Important Dates to Remember
While the requirement for a privilege license is repealed starting July 1, 2024, any professional or business that was required to obtain a privilege license must still comply for the current fiscal year, which runs from July 1, 2023, to June 30, 2024.
To meet this obligation, use Form B-202A, Application for State Privilege License, available on the North Carolina Department of Revenue’s website.
Stay Informed with Skyline School
At Skyline School, we strive to keep our community of real estate professionals informed about important regulatory changes. The repeal of the privilege license requirement is a significant update that simplifies the annual administrative tasks for many professionals.
For more updates and to stay on top of your continuing education requirements, visit our website or contact us directly. We are here to support you in navigating these changes and ensuring you remain compliant with all relevant regulations.
What will you do with the money you saved by not having to renew your privilege license? Perhaps you'll knock out your CE early this year!
References
North Carolina Department of Revenue. (2024, May 24). Repeal of Privilege Tax on Professionals and Businesses. Excise Tax Division.
It’s always good to see steps being taken that reduce unnecessary bureaucratic hurdles, making it easier for agents to focus on what really matters—serving their clients. If you’re looking for more detailed information on how this change might impact your business, I recommend checking out this website. It offers comprehensive updates on real estate regulations and can help you stay informed about important shifts in the industry. Staying updated is key to navigating these changes effectively.
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