Form Cd-425 - Corporate Tax Credit Summary November 2006 (Page 2 of 2) in pdf

Page 2

CD-425

Web

FEIN

Legal Name

11-06

Part 3.

Income Tax Credits Not Subject to 50% of Tax Limit

(continued)

20. Other income tax credits not subject to 50% of tax limit

Fill in applicable circles:

Cogeneration Plant

Recycling Oyster Shells

Subscriber Charges

Conservation Tillage

Investing in Recycling Facilities

Gleaned Crops

20.

Handicapped Dwelling

Qualified Business Investments

(S Corporations only)

Poultry Composting

Expenses Related to Dividends

(Bank/Electric Holding Co. Only)

21. Income tax credits not subject to 50% of tax limit carried over from previous years

21.

(Do not include any carryover of income tax credits claimed on Form NC-478)

22.

Reinvestments by major recycling facilities

22.

23.

Total income tax credits not subject to 50% of tax limit

(Add Lines 13 through 22)

Part 4.

Computation of Income Tax Credits Taken in 2006

N.C. net income tax due

(From Form CD-405, Schedule B, Line 26 or CD-401S, Schedule B, Line 21)

24.

25. Add Lines 13 through 21, enter result here

25.

26. Enter the lesser of Line 24 or 25

26.

27. Total income tax credits subject to 50% of tax limit taken in 2006

27.

(From Form NC-478, Part 3, Line 31)

28. Enter amount from Line 22

28.

29. Add Lines 26 through 28

29.

30. Add Lines 18 and 19, enter result here

30.

31. Income tax credits subject to G.S. 105-130.5(a)(10) adjustment

31.

Subtract Line 30 from Line 29

32. Income Tax Credit Adjustment

(C Corporations only)

32.

Multiply Line 31 by 6.90%

33.

Total Income Tax Credits Taken in 2006

C Corporations subtract Line 32 from Line 29, enter result here and on Form CD-405,

33.

Schedule B, Line 27. S Corporations with nonresident shareholders filing composite enter

the amount on Line 29 here and on Form CD-401S, Schedule B, Line 22.

Part 5.

Expenses Incurred for Which the First Installment of a Historic Rehabilitation Tax Credit is Taken in 2006

(Complete Lines 34 and 35 only if a tax credit on Part 3, Line 13 or 14 is taken.)

34.

Enter the amount of qualified rehabilitation expenditures for

34.

which the income-producing credit on Line 13 is taken.

35.

Enter the amount of rehabilitation expenses for which the

35.

nonincome-producing credit on Line 14 is taken.

Part 6.

Expenses Incurred for Which the First Installment of a Mill Rehabilitation Tax Credit is Taken in 2006

(Complete Lines 36 and 37 only if a tax credit on Part 1, Line 3 or 4, or Part 3, Line 15 or 16 is taken.)

36.

Enter the amount of qualified rehabilitation expenditures for

36.

which the income-producing credit on Line 3 or 15 is taken.

37.

Enter the amount of rehabilitation expenses for which the

37.

nonincome-producing credit on Line 4 or 16 is taken.

Form CD-425 must be attached to the last page of Form CD-405 or CD-401S if a tax credit is claimed.

Failure to substantiate a tax credit may result in the disallowance of that credit.

Form Cd-425 - Corporate Tax Credit Summary November 2006 Page 2

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