Section 105-129.73 - Tax credited; cap(a) Taxes Credited. - The credits allowed by this Article may be claimed against the franchise tax imposed under Article 3 of this Chapter, the income taxes imposed under Article 4 of this Chapter, or the gross premiums tax imposed under Article 8B of this Chapter. The taxpayer may take the credits allowed by this Article against only one of the taxes against which it is allowed. The taxpayer must elect the tax against which a credit will be claimed when filing the return on which it is claimed. This election is binding. Any carryforwards of the credit must be claimed against the same tax.(b) Cap. - A credit allowed under this Article may not exceed the amount of the tax against which it is claimed for the taxable year reduced by the sum of all credits allowed, except payment of tax made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding nine years.N.C. Gen. Stat. § 105-129.73
Added by 2006 N.C. Sess. Laws 40,s. 1, eff. 6/29/2006. See 2010 N.C. Sess. Laws 31, s. 31.5.(a).2021 N.C. Sess. Laws 180,s. 42.7-a, eff. 11/18/2021 provides: "Effective for taxable years beginning on or after January 1, 2021, Article 3H of Chapter 105 of the General Statutes is reenacted as it existed immediately before its repeal for rehabilitation projects for which an application for an eligibility certification was submitted on or after January 1, 2015, and reads as rewritten: [see § 105-129.71, 105-129.75]"2021 N.C. Sess. Laws 180,s. 42.7-b, eff. 11/18/2021 provides: "The reenactment and extension of Article 3H of Chapter 105 of the General Statutes under this section does not require a taxpayer who obtained an eligibility certification prior to January 1, 2015, for a rehabilitation project under this Article to reapply for an eligibility certification for the same project."