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Cabarrus County Tax Administration <br />David Thrift- Tax Administrator <br />June 11, 2018 <br />MEMORANDUM <br />To: Cabarrus County Board of Commissioners <br />From: David Thrift, Tax Administrator <br />Re: Request for Abatement of Penalty on Discovery Bill - Corning, Inc. <br />In April 2018 Corning approached the Tax Administration office with information regarding a <br />discrepancy with their Business Personal property listings. Assets that were listed had been <br />undervalued for a number of years based on an accounting error. Research of the issue resulted <br />in the issuance of a discovery in accordance with NCGS 105-312. The change in value to the <br />listing for tax years 2013 -2017 was $65,933,066, resulting in discovery bills for those years <br />totaling $633,722. These amounts include $508,986 in taxes and $124,736 in penalty. <br />Corning has requested abatement of the penalty portion of these discovery bills per NCGS 105- <br />312. <br />David Thrift <br />Tax Administrator <br />65 Church Street S. (28025) <br />P.O. Box 707 Concord, NC 28026-0707 <br />Attachment number 1 \n <br />Phone: 704.920.2166 • Fax: 704,920.2111 <br />Website: www.cabarruscounty.us <br />F-13 Page 415 <br />