Form Nc-478c - Tax Credit Research And Development

Form Nc-478c - Tax Credit Research And Development - 2005 Page 2

Page 2

Name

SSN or FEIN

NC-478C Web, 12-05

Part 3.

Computation of Alternative Credit

)

(If you complete Part 3, do not complete Part 2. This credit must be taken in 2005.

Total qualified research and development expenses incurred in 2005

10. Qualified research and development expenses in N.C.

11.

Research and development expenses apportionment percentage

Divide Line 10 by Line 9

12.

Amount of federal alternative incremental credit

13.

N.C. apportioned share of federal credit

Multiply Line 11 by Line 12

14.

N.C. share of federal credit attributed to this establishment

15. Alternative credit for 2005 research and development expenses

Multiply Line 14 by 25%; enter here and on Part 4, Line 17

Part 4.

Computation of Amount To Be Taken in 2005

Franchise

Income

16. General credit for 2005 R&D expenses

From Part 2, Line 8

17. Alternative credit for 2005 R&D expenses

From Part 3, Line 15

18.

Carryforward of general or alternative credits

Portion of credit not taken for tax years 1999-2004

19. Credit Amount to Take in Tax Year 2005

Add Lines 16 and 18 OR Lines 17 and 18; enter

here and on Form NC-478, Part 1, Line 3a

478C

Form Nc-478c - Tax Credit Research And Development - 2005 Page 2