Amends GS 105-129.17(b) creating an exception, provided in GS 105-129.16A, for the handling of unused portions of tax credits. Any unused portion of credits not falling within the exception may be carried forward for the succeeding five years.
Amends GS 105-129.16A, adding subsection (c1) on carryforward tax credits. Any unused portion of a credit allowed in this section may be carried forward for the succeeding five taxable years, unless an extended carryforward period of seven years applies. An extended carryforward period applies only if 1) the taxpayer elects to take the credit against the individual tax levied in Part 2 of Article 4 of this Chapter and 2) the top tax rate imposed by GS 105-134.2 on the taxpayer's income during all years of the carryforward is no greater than 7%. Makes conforming changes.
Effective for taxable years beginning on or after July 1, 2013.
Status: Ref To Com On Finance (Senate Action) (Apr 3 2013)
Bill S 706 (2013-2014)Summary date: Apr 5 2013 - More information