§ 105-151.22. (Effective for taxable years ending before January 1, 2014) Credit for North Carolina State Ports Authority wharfage, handling, and throughput charges. - North Carolina Statutes

§ 105‑151.22. (Effective for taxable years ending before January 1, 2014) Credit for NorthCarolina State Ports Authority wharfage, handling, and throughput charges.

(a)        Credit. – Ataxpayer whose waterborne cargo is loaded onto or unloaded from an ocean carriercalling at the State‑owned port terminal at Wilmington or Morehead City,without consideration of the terms under which the cargo is moved, is allowed acredit against the tax imposed by this Part. The amount of credit allowed isequal to the excess of the wharfage, handling (in or out), and throughputcharges assessed on the cargo for the current taxable year over an amount equalto the average of the charges for the current taxable year and the twopreceding taxable years. The credit applies to forest products, break‑bulkcargo and container cargo, including less‑than‑container‑loadcargo, that is loaded onto or unloaded from an ocean carrier calling at eitherthe Wilmington or Morehead City port terminal and to bulk cargo that is loadedonto or unloaded from an ocean carrier calling at the Morehead City portterminal. To obtain the credit, taxpayers must provide to the Secretary astatement from the State Ports Authority certifying the amount of charges forwhich a credit is claimed and any other information required by the Secretary.

(b)        Limitations. – Thiscredit may not exceed fifty percent (50%) of the amount of tax imposed by thisPart for the taxable year reduced by the sum of all credits allowable, excepttax payments made by or on behalf of the taxpayer. Any unused portion of thecredit may be carried forward for the succeeding five years. The maximumcumulative credit that may be claimed by a taxpayer under this section is twomillion dollars ($2,000,000).

(c)        Definitions. – Forpurposes of this section, the terms "handling" (in or out) and"wharfage" have the meanings provided in the State Ports TariffPublications, "Wilmington Tariff, Terminal Tariff #6," and"Morehead City Tariff, Terminal Tariff #1." For purposes of thissection, the term "throughput" has the same meaning as"wharfage" but applies only to bulk products, both dry and liquid.

(c1)      Report. – TheDepartment of Revenue must publish by May 1 of each year the followinginformation itemized by taxpayer for the 12‑month period ending thepreceding December 31:

(1)        The number oftaxpayers taking a credit allowed in this section.

(2)        The total amount ofcharges assessed for the taxable year.

(2a)      The amount of thecharges attributable to imports.

(2b)      The amount of thecharges attributable to exports.

(3)        The total cost tothe General Fund of the credits taken.

(d)        Sunset. – Thissection is repealed effective for taxable years beginning on or after January1, 2014.  (1991(Reg. Sess., 1992), c. 977, s. 2; 1993 (Reg. Sess., 1994), c. 681, s. 2; 1995,c. 17, s. 17; c. 495, ss. 2‑4; 1996, 2nd Ex. Sess., c. 18, s. 15.3(b);1997‑443, s. 29.1 (a), (b), (d); 1998‑98, s. 69; 2001‑517,ss. 1, 2; 2002‑99, s. 6(d); 2003‑414, s. 8; 2005‑429, s.2.11; 2007‑527, s. 26(b); 2008‑107, s. 28.5(c), (d).)