Form Cd-478e - Credit For Investing In Central Administrative Office Property

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Form CD--478E
(Rev. 9--98)
NORTH CAROLINA
CREDIT FOR INVESTING IN CENTRAL ADMINISTRATIVE OFFICE PROPERTY
Under the William S. Lee Quality Jobs and Business Expansion Act
CALENDAR YEAR
OR FOR FISCAL YEAR BEGINNING
, ENDING
NAME:
EIN/SSN:
This credit is effective for taxable years beginning on or after January 1, 1997 for property that the taxpayer began to use as a central
administrative office on or after October 1, 1997. The first installment of the credit is allowed in the first taxable year following the year in which
the property is first used as a central administrative office.
CERTIFICATION RECEIVED FROM THE SECRETARY OF COMMERCE MUST BE ATTACHED TO THIS FORM.
1.
Did taxpayer meet the eligibility requirements of the North Carolina Department of Commerce?
Yes
No
2.
Did the taxpayer purchase or lease real property in North Carolina and begin to use the property as a central
administrative office on or after October 1, 1997?
Yes
No
3.
During the taxable year the taxpayer first used the property as a central administrative office, did taxpayer hire at
least 40 additional full--time employees to fill new positions at the office?
Yes
No
If the answer to any of questions (1) through (3) above is ‘ ‘ No”, stop here.
Taxpayer is not eligible for the Credit for Investing in Central Administrative Office Property.
Tax Credit Computation
4.
Cost of central administrative office property . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4.
5.
Cost of all property the taxpayer was using in North Carolina as central administrative offices on the last day of the taxable year .
5.
6.
Cost of all property the taxpayer was using in North Carolina as central administrative office property on the last day of the base
year.
(The base year is that year, of the three years immediately preceding the taxable year in which credit is being claimed in
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
which the taxpayer was using the most property in North Carolina as central administrative offices.)
6.
7.
Line 5 less line 6. If result is less than zero, enter zero. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
7.
8.
8.
Eligible investment (Lesser of line 4 or line 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
Credit rate . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
9.
7%
10.
Credit before central administrative office credit limitation (Line 8 multiplied by line 9) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
10.
11.
Limitation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
11.
$ 500,000
12.
Lesser of line 10 or line 11 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
12.
13.
Amount per installment (divide line 12 above by 7) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
13.
The credit on line 13 will be allowed in the first taxable year following the year in which the property is first used as a central
administrative office and in each of the six succeeding taxable years.
If the current taxable year is the first year in which a Credit for Investing in Central Administrative Office Property has been generated, stop here.
Computation of Tax Credit Allowable to Offset Current Year Tax Liability.
14.
Annual Installments of credits from preceding year(s), net of expired credits . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14.
15.
Carryover of unused credits from previous year(s) . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15.
16.
Total Credit for Investing in Central Administrative Office Property (Add lines 14 and 15).
. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Enter the total on the Tax Credit Summary Sheet (Form CD--478), Line 9
16.
Substantiation. To claim a credit allowed by this Article [Article 3A], the taxpayer must provide any information required by the Secretary of Revenue. Every
taxpayer claiming a credit under this Article shall maintain and make available for inspection by the Secretary of Revenue any records the Secretary considers
necessary to determine and verify the amount of the credit to which the taxpayer is entitled. The burden of proving eligibility for the credit and the amount
of the credit shall rest upon the taxpayer, and no credit shall be allowed to a taxpayer that fails to maintain adequate records or to make them available for
inspection. (G.S. 105--129.7)

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