§ 105-129.84. (See notes) Tax election; cap; carryforwards; limitations. - North Carolina Statutes

§ 105‑129.84.  (Seenotes) Tax election; cap; carryforwards; limitations.

(a)        Tax Election. – Thecredits provided in this Article are allowed against the franchise tax leviedin Article 3 of this Chapter, the income taxes levied in Article 4 of thisChapter, and the gross premiums tax levied in Article 8B of this Chapter. Thetaxpayer may divide a credit between the taxes against which it is allowed.Carryforwards of a credit may be divided between the taxes against which it isallowed without regard to the original election regarding the division of thecredit.

(b)        Cap. – The creditsallowed under this Article may not exceed fifty percent (50%) of the cumulativeamount of taxes against which they may be claimed for the taxable year, reducedby the sum of all other credits allowed against those taxes, except taxpayments made by or on behalf of the taxpayer. This limitation applies to thecumulative amount of credit, including carryforwards, claimed by the taxpayerunder this Article for the taxable year.

(c)        Carryforward. – Unlessa longer carryforward period applies, any unused portion of a credit allowedunder G.S. 105‑129.87 or G.S. 105‑129.88 may be carried forward forthe succeeding five years, and any unused portion of a credit allowed underG.S. 105‑129.89 may be carried forward for the succeeding 15 years. Ifthe Secretary of Commerce makes a written determination that the taxpayer isexpected to purchase or lease, and place in service in connection with aneligible business within a two‑year period, at least one hundred fiftymillion dollars ($150,000,000) worth of business and real property, any unusedportion of a credit under this Article with respect to the establishment thatsatisfies that condition may be carried forward for the succeeding 20 years. Ifthe taxpayer does not make the required level of investment, the taxpayer shallapply the five‑year carryforward period rather than the 20‑yearcarryforward period.

(d)        Statute ofLimitations. – Notwithstanding Article 9 of this Chapter, a taxpayer shallclaim a credit under this Article within six months after the date set bystatute for the filing of the return, including any extensions of that date. (2006‑252, s. 1.1.)