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No More Privilege Licenses Required for NC Real Estate Agents!

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While the requirement for a privilege license is repealed starting July 1, 2024, any professional or business that was required to obtain a privilege license must still comply for the current fiscal year, which runs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.

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