§ 105-129.73. (See note for repeal) Tax credited; cap. - North Carolina Statutes

§ 105‑129.73.  (See notefor repeal) Tax credited; cap.

(a)        Taxes Credited. – Thecredits allowed by this Article may be claimed against the franchise taximposed under Article 3 of this Chapter, the income taxes imposed under Article4 of this Chapter, or the gross premiums tax imposed under Article 8B of thisChapter. The taxpayer may take the credits allowed by this Article against onlyone of the taxes against which it is allowed. The taxpayer must elect the taxagainst which a credit will be claimed when filing the return on which it isclaimed. This election is binding. Any carryforwards of the credit must beclaimed against the same tax.

(b)        Cap. – A creditallowed under this Article may not exceed the amount of the tax against whichit is claimed for the taxable year reduced by the sum of all credits allowed,except payment of tax made by or on behalf of the taxpayer. Any unused portionof the credit may be carried forward for the succeeding nine years. (2006‑40, s. 1.)