Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 16
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41taxpayer is expected to purchase or lease, and place in service in connection with an
eligible business within a two-year period, at least $100,000,000 worth of business and
real property in a development tier one area, any unused portion of a credit under 3J of
Chapter 105 of the General Statutes with respect to the establishment that satisfies that
condition may be carried forward for the succeeding 20 years. If the taxpayer does not
make the required level of investment, the taxpayer must apply the five-year
carryforward period rather than the 20-year carryforward period. Note that this
legislation did not directly amend the statutory language. This provision will be noted
following the section.
(Effective for taxable years beginning on or after January 1, 2012, and expires for
taxable years beginning on or after January 1, 2013, HB 1015, s. 5, S.L. 12-74.)
G.S. 105-129.84(d) – Statute of Limitations: During the 2010 Legislative Session, the
General Assembly enacted S.L. 2010-147 to lessen the stringency of the environmental
impact test used in determining eligibility for Article 3J credits, making the change
retroactive to January 1, 2007. However, G.S. 105-129.84(d) requires a taxpayer to
claim an Article 3J credit within six months after the due date of the return, thus limiting
the effect of the retroactive change. To correct that limitation, legislation was enacted
during the 2012 Session to provide that, for taxable years 2007 through 2010, a
taxpayer that files an amended return before January 1, 2013, may claim a credit under
Article 3J of Chapter 105 if all of the following conditions are met: 1) the taxpayer did not
timely claim a credit under Article 3J of Chapter 105 of the General Statutes, 2) the
taxpayer would have been ineligible to claim a credit under Article 3J of Chapter 105
because it failed to meet the environmental impact standard under G.S 105-129.83(e)
prior to the enactment of S.L. 2010-147, and (3) the taxpayer satisfies the
environmental impact standard under G.S. 105-129.83(e) after the enactment of S.L.
2010-147. Note that this legislation did not directly amend the statutory language. This
provision will be noted following the section.
(Effective June 26, 2012, SB 826, s. 1.13.(b), S.L. 12-79.)
G.S. 105-129.87(a) – Credit for Creating Jobs, Credit: This subsection was amended
to add the port enhancement zone to the list of areas in which the value of a credit for a
job created in that area will be increased by $1,000, and if the job is filled by a resident
of that area or by a long-term unemployed worker, the amount of the credit is increased
by $2,000.
(Effective for taxable years beginning on or after January 1, 2013; HB 751, s. 8,
S.L. 11-302.)
G.S. 105-129.87(b) – Credit for Creating Jobs, Threshold: This subsection was
amended to add the port enhancement zone to the list of areas that will be treated as a
tier one area for purposes of the jobs threshold.
(Effective for taxable years beginning on or after January 1, 2013; HB 751, s. 8,
S.L. 11-302.)
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