Senate amendment makes the following changes to 3rd edition. Deletes the amendment to GS 105-129.84(c), which allowed carryforwards by a taxpayer of any unused portion of a credit for a period of 20 years provided the Secretary of Commerce made a written determination that the taxpayer is expected to purchase or lease, and place in service in connection with an eligible business within a two-year period, at least the minimum investment amount of business and real property (was, at least $150,000). Defined a minimum investment amount to be $100 million for an eligible business in a development tier one area, and $150 million for any other eligible business.
Now provides that notwithstanding GS 10-129.84(c), if the Secretary of Commerce determines in writing that the taxpayer is expected to purchase or lease and place in service at least $100 million worth of business and property in a tier one area, in connection with an eligible business within a two-year period, any unused portion of a credit under Article 3J (tax credits for growing businesses) of GS Chapter 105 may be carried forward for the succeeding 20 years. Provides that if the taxpayer does not make the required investment, the five year carryforward applies. Effective beginning on or after January 1, 2012, and expires January 1, 2013.