Bill Text: NC S645 | 2011-2012 | Regular Session | Introduced
Bill Title: Remove Cap on Energy Credits
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2011-04-19 - Ref To Com On Finance [S645 Detail]
Download: North_Carolina-2011-S645-Introduced.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
S D
SENATE DRS35218-TD-11 (03/25)
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Short Title: Remove Cap on Energy Credits. |
(Public) |
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Sponsors: |
Senator Clodfelter. |
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Referred to: |
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A BILL TO BE ENTITLED
AN ACT to remove the cap on the energy credits.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑129.17 reads as rewritten:
"§ 105‑129.17. Tax election; cap.
(a) Tax Election. – The credit allowed in G.S. 105‑129.16A is allowed against the franchise tax levied in Article 3 of this Chapter, the income taxes levied in Article 4 of this Chapter, or the gross premiums tax levied in Article 8B of this Chapter. All other credits allowed in this Article are allowed against the franchise tax levied in Article 3 of this Chapter or the income taxes levied in Article 4 of this Chapter. The taxpayer must elect the tax against which a credit will be claimed when filing the return on which the first installment of the credit is claimed. This election is binding. Any carryforwards of a credit must be claimed against the same tax.
(b) Cap. – The credits allowed in this Article G.S. 105‑129.16E,
105‑159.16G, and 105‑129.16J may not exceed fifty percent (50%)
of the tax against which they are claimed for the taxable year, reduced by the
sum of all other credits allowed against that tax, except tax payments made by
or on behalf of the taxpayer. This limitation applies to the cumulative amount
of credit, including carryforwards, claimed by the taxpayer under this Article
against each tax for the taxable year. Any unused portion of the credits may be
carried forward for the succeeding five years."
SECTION 2. This act is effective for taxes imposed for taxable years beginning on or after January 1, 2011.
