Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 14
ADVERTISEMENT
1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
25
26
27
28
29
30
31
32
33
34
35
36
37
38
39
40
41G.S. 105-129.16F(b) – Extend Sunset for Credit for Biodiesel Producers: This
subsection was amended to extend the sunset date for the credit for biodiesel
producers to January 1, 2014. The sunset date had been January 1, 2013.
(Effective June 20, 2012, HB 1025, s. 3, S.L. 12-36.)
G.S. 105-129.16G(b) – Extend Sunset for Work Opportunity Tax Credit: This
subsection was amended to extend the sunset date for this credit to January 1, 2014.
The sunset date had been January 1, 2012.
(Effective June 20, 2012, HB 1025, s. 4, S.L. 12-36.)
HISTORIC REHABILITATION TAX CREDITS
G.S. 105-129.39 – Extend Sunset for Historic Rehabilitation Tax Credits: This
section was amended to extend the sunset date for these credits to January 1, 2015.
The sunset date had been January 1, 2014.
(Effective June 20, 2012, HB 1025, s. 12.(a), S.L. 12-36.)
MILL REHABILITATION TAX CREDIT
G.S. 105-129.75 – Extend Sunset for Mill Rehabilitation Tax Credit: This section
was amended to extend the sunset date for this credit to January 1, 2015. The sunset
date had been January 1, 2014.
(Effective June 20, 2012, HB 1025, s. 12.(b), S.L. 12-36.)
TAX CREDITS FOR GROWING BUSINESSES
G.S. 105-129.81(4) – Clarifying Change, Definition of Business Property: This
subsection was amended to clarify that for tangible property to be considered business
property, it must be used in a business and capitalized by the taxpayer for tax purposes
under the Code. The italicized language was added to conform the language in this
statute to other references to “business property” elsewhere in the credit statutes.
Without the clarifying language, a taxpayer might take the position that a credit could be
claimed on leased property even when the lessor had capitalized the property.
(Effective June 26, 2012, SB 826, s. 2.4, S.L. 12-79.)
G.S. 105-129.81(20a) – Port Enhancement Zone Defined: This subdivision was
added to define port enhancement zone by reference to G.S. 143B-437.012. A port
enhancement zone is an area that meets all of the following conditions: (1) it is
comprised of one or more contiguous census tracts, census block groups, or both, (2)
8
ADVERTISEMENT
0 votes
Related Articles
Related forms
Instructions For Form E-505 - Tax Law Changes - North Carolina Department Of Revenue - 2012
Financial
Form D-422 - Underpayment Of Estimated Tax By Individuals - North Carolina Department Of Revenue - 1998
Financial
North Carolina Department Of Revenue (form Nc 8633) Application To Participate In The Electronic Filing Program
Financial
Form E-585s - Incentive Claim For Refund State And County Sales And Use Taxes Form - North Carolina Department Of Revenue - North Carolina
Financial
Form Nc-478b - 2012 Tax Credit Investing In Machinery And Equipment - North Carolina Department Of Revenue
Financial
Instructions For Form Nc-478 Series - Summary Of Tax Credit Limited To 50% Of Tax - North Carolina Department Of Revenue
Financial
Related Categories
Parent category: Financial