§ 105-129.7. (See note for repeal) Substantiation. - North Carolina Statutes

§ 105‑129.7.  (See notefor repeal) Substantiation.

(a)        To claim a creditallowed by this Article, the taxpayer must provide any information required bythe Secretary of Revenue. Every taxpayer claiming a credit under this Articleshall maintain and make available for inspection by the Secretary of Revenueany records the Secretary considers necessary to determine and verify theamount of the credit to which the taxpayer is entitled. The burden of provingeligibility for the credit and the amount of the credit shall rest upon thetaxpayer, and no credit shall be allowed to a taxpayer that fails to maintainadequate records or to make them available for inspection.

(b)        Each taxpayer mustprovide with the tax return qualifying information for each credit claimedunder this Article for the first taxable year the credit is claimed and forevery year in which a subsequent installment or a carryforward of that creditis claimed. The qualifying information must be in the form prescribed by theSecretary, must cover each taxable year beginning with the first taxable yearthe credit is claimed, and must be signed and affirmed by the individual whosigns the taxpayer's tax return. The information required by this subsection isinformation demonstrating that the taxpayer has met the conditions forqualifying for an initial credit and any installments and carryforwards, andincludes the following:

(1)        The physicallocation of the jobs and investment with respect to which the credit isclaimed, including the enterprise tier designation of the location and whetherit is in a development zone or agrarian growth zone. In addition, for eachindividual who fills a job at a location with respect to which a credit isclaimed, the place where the individual resided before taking the job,including any enterprise tier designation of that place. In addition, for jobsthat are located in a development zone, the number of those jobs that arefilled by residents of the development zone.

(2)        The type of businesswith respect to which the credit is claimed, as required by G.S. 105‑129.4(a),and wage information described in G.S. 105‑129.4(b).

(3)        If the credit isclaimed with respect to a large investment under G.S. 105‑129.4(b1), is acredit with a carryforward period of 10 years under G.S. 105‑129.5(c), oris a credit claimed under G.S. 105‑129.12A, the amount of the investmentrequirement under those subsections that has been met to date.

(4)        Qualifyinginformation required for the credit for creating jobs allowed under G.S. 105‑129.8,the credit for investing in machinery and equipment allowed under G.S. 105‑129.9,the credit for worker training allowed under G.S. 105‑129.11, the creditfor investing in central office or aircraft facility property allowed in G.S.105‑129.12, the credit for substantial investment in other property underG.S. 105‑129.12A, and any other credits allowed under this Article. (1996, 2nd Ex. Sess., c. 13,s. 3.3; 1997‑277, s. 1; 1999‑360, ss. 1, 2; 2000‑56, s. 5(d);2001‑476, s. 9(a); 2006‑66, s. 24.16(d).)