Tax Law Changes - North Carolina Department Of Revenue - 2012 Page 3
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41TABLE OF CONTENTS
Section 1 – PERSONAL TAXES
INDIVIDUAL INCOME TAX
G.S. 105-134.1
Definitions of Adjusted Gross Income and Taxable Income
1
G.S. 105-134.4
Definition of Taxable Year
1
G.S. 105-134.5
North Carolina Taxable Income Defined
1
G.S. 105-134.5(b)and(c)
NC Taxable Income Defined for Nonresidents and Part-year residents
1
G.S. 105-134.5(e)
Tax Year Defined
1
G.S. 105-134.6
Modifications to Adjusted Gross Income
2
G.S. 105-134.6(a1)
Personal Exemption
2
G.S. 105-134.6(a2)
Deduction Amount
2
G.S. 105-134.6(b)
Other Deductions
3
G.S. 105-134.6(b)(22)
Business Income Deduction
3
G.S. 105-134.6(c)
Additions
3
G.S. 105-134.6(c)(3)
Addition for Taxes Claimed
3
G.S. 105-134.6(c)(4)
Additional Standard Deduction
3
G.S. 105-134.6(c)(4a)
Personal Exemption Adjustment
3
G.S. 105-134.6(c)(11)
Real Property Tax Add-Back by Nonitemizers
4
G.S. 105-134.6(c)(12)
Motor Vehicle Sales Tax Add-Back
4
G.S. 105-134.6(d)
Other Adjustments
4
Modifications to Adjusted Gross Income – Other Adjustments
G.S. 105-134.6(d)(9)
4
G.S. 105-151.26
Credit for Charitable Contributions by Nonitemizers
4
G.S. 105-151.28(d)
Credit for Premiums Paid on Long-term Care Insurance
5
G.S. 105-151.29(k)
Credit for Qualifying Expenses of a Production Company
5
G.S. 105-151.30(f)
Credit for Recycling Oyster Shells
5
G.S. 105-151.31(c)
Earned Income Tax Credit
5
G.S. 105-151.32(c)
Credit for Adoption Expenses
5
G.S. 105-152(e)
Innocent Spouse Relief on Joint Income Tax Returns
5
G.S. 105-160.3(b)
Tax Credits
6
G.S. 105-163.015
Tax Credits for Qualified Business Investments
6
Section 2 – CORPORATE TAX
FRANCHISE TAX
G.S.105-120.2(c)
Clarifying Change; Definition of Holding Company
7
G.S.105-122(b1)
Conforming Change; Definitions
7
BUSINESS AND ENERGY TAX CREDITS
G.S. 105-129.16D(d)
Extend Sunset for Credit for Constructing Renewable Fuel Facilities
7
G.S. 105-129.16F(b)
Extend Sunset for Credit for Biodiesel Producers
8
G.S. 105-129.16G(b)
Extend Sunset for Work Opportunity Tax Credit
8
HISTORIC REHABILITATION TAX CREDITS
G.S. 105-129.39
Extend Sunset for Historic Rehabilitation Tax Credits
8
MILL REHABILITATION TAX CREDIT
G.S. 105-129.75
Extend Sunset for Mill Rehabilitation Tax Credit
8
TAX CREDITS FOR GROWING BUSINESSES
G.S. 105-129.81(4)
Clarifying Change, Definition of Business Property
8
G.S. 105-129.81(20a)
Port Enhancement Zone Defined
8
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