§ 105-130.48. (Repealed for taxable years beginning on or after January 1, 2011) Credit for recycling oyster shells. - North Carolina Statutes

§ 105‑130.48.  (Repealedfor taxable years beginning on or after January 1, 2011) Credit for recyclingoyster shells.

(a)        Credit. – Ataxpayer who donates oyster shells to the Division of Marine Fisheries of theDepartment of Environment and Natural Resources is eligible for a creditagainst the tax imposed by this Part. The amount of the credit is equal to onedollar ($1.00) per bushel of oyster shells donated.

(b)        Limitation. – Thecredit allowed under this section may not exceed the amount of tax imposed bythis Part for the taxable year reduced by the sum of all credits allowable,except tax payment made by or on behalf of the taxpayer.

(c)        Carryforward. – Anyunused portion of a credit allowed in this section may be carried forward forthe succeeding five years. A successor in business may take the carryforwardsof a predecessor corporation as if they were carryforwards of a credit allowedto the successor in business.

(d)        No Double Benefit.– No deduction is allowed under G.S. 105‑130.5(b)(5) or G.S. 105‑130.9for the donation of oyster shells for which a credit is claimed under thissection.

(e)        Documentation ofCredit. – Upon request, to support the credit allowed by this section, thetaxpayer must file with its income tax return, for the taxable year in whichthe credit is claimed, a certification by the Department of Environment andNatural Resources stating the number of bushels of oyster shells donated by thetaxpayer.

(f)         Sunset. – Thissection is repealed effective for taxable years beginning on or after January1, 2011. (2006‑66,s. 24.18(a); 2007‑527, s. 9(a).)