Bill Summary for S 706 (2013-2014)

Summary date: 

Apr 5 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
Senate Bill 706 (Public) Filed Tuesday, April 2, 2013
A BILL TO BE ENTITLED AN ACT TO MODIFY THE TAX CREDIT FOR INVESTING IN RENEWABLE ENERGY PROPERTY TO ALLOW CERTAIN INDIVIDUAL TAXPAYERS A CARRYFORWARD GREATER THAN FIVE YEARS.
Intro. by McKissick.

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Bill summary

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.

 

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