§ 105-129.52. (See notes) Tax election; cap. - North Carolina Statutes

§ 105‑129.52.  (Seenotes) Tax election; cap.

(a)        Tax Election. – Thecredit allowed in this Article is allowed against the franchise tax levied inArticle 3 of this Chapter or the income taxes levied in Article 4 of thisChapter. The taxpayer must elect the tax against which a credit will be claimedwhen filing the return on which the credit is first claimed. This election isbinding. Any carryforwards of a credit must be claimed against the same tax.

(b)        Cap. – A creditallowed in this Article may not exceed fifty percent (50%) of the amount of taxagainst which it is claimed for the taxable year, reduced by the sum of allother credits allowed against that tax, except tax payments made by or onbehalf of the taxpayer. This limitation applies to the cumulative amount ofcredit, including carryforwards, claimed by the taxpayer under this Articleagainst each tax for the taxable year. Any unused portion of a credit allowedin this Article may be carried forward for the succeeding 15 years. (2004‑124, s. 32D.2.)