§ 105-151.25. Credit for construction of a poultry composting facility. - North Carolina Statutes

§105‑151.25.  Credit for construction of a poultry composting facility.

(a)        Credit. – Ataxpayer who constructs in this State a poultry composting facility as definedin G.S. 106‑549.51 for the composting of whole, unprocessed poultrycarcasses from commercial operations in which poultry is raised or produced isallowed as a credit against the tax imposed by this Division an amount equal totwenty‑five percent (25%) of the installation, materials, and equipmentcosts of construction paid during the taxable year. This credit may not exceedone thousand dollars ($1,000) for any single installation. The credit allowedby this section may not exceed the amount of tax imposed by this Division forthe taxable year reduced by the sum of all credits allowable, except paymentsof tax by or on behalf of the taxpayer. The credit allowed by this section doesnot apply to costs paid with funds provided the taxpayer by a State or federalagency.

(b)        Property Owned bythe Entirety. – In the case of property owned by the entirety, if both spousesare required to file North Carolina income tax returns, the credit allowed bythis section may be claimed only if the spouses file a joint return. If onlyone spouse is required to file a North Carolina income tax return, that spousemay claim the credit allowed by this section on a separate return. (1995,c. 543, s. 1; 1998‑134, ss. 2, 3.)