§ 105-129.86. (See notes) Substantiation. - North Carolina Statutes

§ 105‑129.86.  (Seenotes) Substantiation.

(a)        Records. – To claima credit allowed by this Article, the taxpayer shall provide any informationrequired by the Secretary of Revenue. Every taxpayer claiming a credit underthis Article shall maintain and make available for inspection by the Secretaryof Revenue any records the Secretary considers necessary to determine andverify the amount of the credit to which the taxpayer is entitled. The burdenof proving eligibility for the credit and the amount of the credit shall restupon the taxpayer, and no credit shall be allowed to a taxpayer that fails tomaintain adequate records or to make them available for inspection.

(b)        Documentation. – Eachtaxpayer shall provide with the tax return qualifying information for eachcredit claimed under this Article. The qualifying information shall be in theform prescribed by the Secretary and shall be signed and affirmed by theindividual who signs the taxpayer's tax return. The information required bythis subsection is information demonstrating that the taxpayer has met theconditions for qualifying for a credit and any carryforwards and includes thefollowing:

(1)        The physicallocation of the jobs and investment with respect to which the credit isclaimed, including the street address and the development tier designation ofthe establishment.

(2)        The type of businesswith respect to which the credit is claimed and the average weekly wage at theestablishment with respect to which the credit is claimed.

(3)        Any other qualifyinginformation related to a specific credit allowed under this Article. (2006‑252, s. 1.1.)