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Form Nc478c - 1999 Tax Credit Research And Development - North Carolina Department Of Revenue Page 2

NC-478C Reverse

Part 2.

Computation of Alternative Credit

Total qualified research expenses

Qualified research expenses in N.C.

Research expenses apportionment percentage

Divide Line 2 by Line 1

Amount of federal alternative incremental credit

N.C. apportioned share of federal credit

Multiply Line 3 by Line 4

Alternative credit for 1999 research and development

Multiply Line 5 by 25%; enter here and on Part 3, Line 3

Part 3.

Computation of Amount Eligible To Be Taken in Current Tax Year

(If taxpayer is an insurer, report credits against the insurance gross premiums tax in the franchise column.)

Franchise

Income

General credit for 1999

From Part 1, Line 7

Carryforwards of general credit

General R & D credits not taken for tax years 1996 - 1998

Alternative credit for 1999

From Part 2, Line 6

Eligible credit for research and development in 1999

Add Lines 1 and 2 OR Lines 2 and 3;

enter here and on Line 3, Form NC-478

Part 4.

Certifications

I certify that the taxpayer filing this form meets the requirements for claiming this tax credit and that the information

given on this form is, to the best of my knowledge, accurate and complete.

Signature of Taxpayer

or Authorized Agent:

Date:

478C

Form Nc478c - 1999 Tax Credit Research And Development - North Carolina Department Of Revenue Page 2