§ 105-163.10. Withheld amounts credited to taxpayer for calendar year. - North Carolina Statutes

§105‑163.10.  Withheld amounts credited to taxpayer for calendar year.

The amount deducted andwithheld under this Article during any calendar year from the wages orcompensation of an individual shall be allowed as a credit to that individualagainst the tax imposed by Article 4 of this Chapter for taxable yearsbeginning in that calendar year.  The amount deducted and withheld under thisArticle during any calendar year from the compensation of a nonresident entityshall be allowed as a credit to that entity against the tax imposed by Article4 of this Chapter for taxable years beginning in that calendar year.  If thenonresident entity is a pass‑through entity, the entity shall passthrough and allocate to each owner the owner's share of the credit.

If more than one taxable yearbegins in the calendar year during which the withholding occurred, the amountshall be allowed as a credit against the tax for the last taxable year sobeginning.  To obtain the credit allowed in this section, the individual or nonresidententity must file with the Secretary one copy of the withholding statementrequired by G.S. 105‑163.3 or G.S. 105‑163.7 and any otherinformation the Secretary requires. (1959, c. 1259, s. 1; 1967,c. 1110, s. 4; 1973, c. 476, s. 193; 1989, c. 728, s. 1.44; 1991 (Reg. Sess.,1992), c. 930, s. 9; 1997‑109, s. 2.)