MAKE CONSERVATION TAX CREDIT TRANSFERRABLE.

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View NCGA Bill Details2013-2014 Session
House Bill 953 (Public) Filed Tuesday, April 16, 2013
A BILL TO BE ENTITLED AN ACT TO MAKE THE CONSERVATION TAX CREDIT TRANSFERRABLE.
Intro. by Jordan, Moffitt.

Status: Ref To Com On Finance (House Action) (Apr 18 2013)

Bill History:

H 953

Bill Summaries:

  • Summary date: Apr 16 2013 - View Summary

    Amends GS 105-130.34, concerning corporations, and GS 105-151.12, concerning individuals, to allow the conservation tax credit to be transferred instead of claiming a credit. Requires a fee of 2% of the amount of the credit transferred to be paid upon the transfer, to be used to administer the section. Allows a taxpayer to whom the credit is transferred to make a subsequent transfer. Provides that if the value of the credit is reduced based on a determination of the actual fair market value, the credits are reduced proportionately and each is liable for any past taxes avoided as a result of the credit. Effective for taxable years beginning on or after January 1, 2013.