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Title and purpose of Subchapter.
The title of this Subchapter shall be "The Revenue Act.
It is the policy of this State that as many State taxes as possible be structured so that they are deductible for federal income tax purposes under the Internal Revenue Code.
Supremacy of State Constitution.
The State's power of taxation is vested in the General Assembly.
Under Article V, Section 2 1of the North Carolina Constitution, this power cannot be surrendered, suspended, or contracted away.
In the exercise of this power, the General Assembly may amend or repeal any provision of this Subchapter in its discretion.
No provision of this Subchapter constitutes a contract that the provision will remain in effect in future years, and any representation made to the contrary is of no effect.
§§ 105-2 through 105-32: Repealed by Session Laws 1998-212, s.
Taxes under this Article.
The tax is due by July 1 of each year.
The tax is imposed for the privilege of engaging in a specified activity during the fiscal year that begins on the July 1 due date of the tax.
The full amount of a license tax applies to a person who, during a fiscal year, begins to engage in an activity for which this Article requires a license.
Before a person engages in an activity for which this Article requires a license, the person must obtain the required license.
If the business or property has been granted, sold, transferred, or conveyed to an innocent purchaser for value and without notice that the vendor owed or is liable for any of the State taxes imposed under this Article, the property, while in the possession of the innocent purchaser, is not subject to any lien for the taxes.
The following definitions apply in this Article: 1 City.
§ 105-34: Repealed by Session Laws 1979, c.
§ 105-35: Repealed by Session Laws 1979, c.
§§ 105-36 through 105-37: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-38: Repealed by Session Laws 1999-337, s.
Repealed by Session Laws 1987 Reg.
§ 105-40: Repealed by Session Laws 2013-316, s.
Attorneys-at-law and other professionals.
A license required by this section is not transferable to another person.
A real estate broker who is also a real estate appraiser is required to obtain only one license under this section to cover both activities.
A real estate appraiser who is also a real estate broker is required to obtain only one license under this section to cover both activities.
This exemption shall not extend to any sole proprietor who permits more than one person other than the proprietor to work regularly in connection with the trade or profession for remuneration or recompense of any kind, unless the other person in excess of one so remunerated is a blind person.
A licensed photographer having a located place of business in this State is liable for a license tax on each agent or solicitor employed by the photographer for soliciting business.
If any person engages in more than one of the activities for which a privilege tax is levied by this section, the person is liable for a privilege tax with respect to each activity engaged in.
Repealed by Session Laws 1975, c.
§ 105-42: Repealed by Session Laws 1996, Second Extra Session, c.
Repealed by Session Laws 1973, c.
§ 105-44: Repealed by Session Laws 1981 Regular Session, 1982c.
§§ 105-45 through 46: Repealed by Session Laws 1996, Sorry, wa state gambling commission with Extra Session, c.
§ 105-47: Repealed by Session Laws 1979, c.
§ 105-48: Repealed by Session Laws 1979, c.
§ 105-49: Repealed by Session Laws 1989, c.
§ 105-50: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-51: Repealed by Session Laws 1989, c.
§ 105-52: Repealed by Session Laws 1979, c.
§§ 105-53 through 105-55: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-56: Repealed by Session Laws 1981, c.
§ 105-57: Repealed by Session Laws 1987 Reg.
§ 105-58: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-59: Repealed by Session Laws 1981 Regular Session, 1982c.
§§ 105-60 through 105-61: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-62: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-63: Repealed by Session Laws 1979, c.
§ 105-64: Repealed by Session Laws 1989, c.
§§ 105-65 through 105-65.
§ 105-66: Repealed by Session Laws 1989, c.
§ 105-67: Repealed by Session Laws 1991 Regular Session, 1992c.
§ 105-68: Repealed by Session Laws 1981 Regular Session, 1982c.
§ 105-69: Repealed by Session Laws 1973, c.
§ 105-70: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-71: Repealed by Session Laws 1979, c.
§ 105-72: Repealed by Session Laws 1996, Second Extra Session, c.
Repealed by Session Laws 1957, c.
§ 105-74: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-75: Repealed by Session Laws 1979, 2nd Session, c.
§ 105-76: Repealed by Session Laws 1979, c.
§ 105-77: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-78: Repealed by Session Laws 1979, c.
§ 105-79: Repealed by Session Laws 1979, c.
§ 105-80: Repealed by Session Laws 1996, Second Extra Session, c.
Repealed by Session Laws 1947, c.
§ 105-82: Repealed by Session Laws 1989, c.
§ 105-84: Repealed by Session Laws 1979, c.
§§ 105-85 through 105-86: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-87: Repealed by Are gambling winnings and losses 2020 amusing Laws 1981, c.
This section applies to those persons or concerns operating what are commonly known as loan companies or finance companies and whose business is as hereinbefore described, and those persons, firms, or corporations pursuing the business of lending money and taking as security for the payment of the loan and interest an assignment of wages or an assignment of wages with power of attorney to collect the amount due, or other order or chattel mortgage or bill of sale upon household or kitchen furniture.
No real estate mortgage broker is required to obtain a privilege license under this section merely because the broker advances the broker's own funds and takes a security interest in real estate to secure the advances and when, at the time of the advance, the broker has already made arrangements with others for the sale or discount of the obligation at a later date and does so sell or discount the obligation within the period specified in the arrangement or extensions thereof; or when, at the time of the advance the broker intends to sell the obligation to others at a later date and does, within 12 months from date of initial advance, make arrangements with others for the sale of the obligation and does sell the obligation within the period specified in the arrangement or extensions thereof; or because the broker advances the broker's own funds in temporary financing directly involved in the production of permanent-type loans for sale to others; and no real estate mortgage broker whose mortgage lending operations are essentially as described above is required to obtain a privilege license under this section.
See note for applicability.
§§ 105-89 through 105-90: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-91: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-92: Repealed by Session Laws 1981 Regular Session, 1982c.
§ 105-93: Repealed by Session Laws 1979, c.
Repealed by Session Laws 1947, c.
Repealed by Session Laws 1947, c.
§ almost gambling apps ios explain Repealed by Session Laws 1981 Regular Session, 1982c.
§§ 105-97 through 105-99: Repealed by Session Laws 1996, Second Extra Session, c.
§ 105-100: Repealed by Session Laws 1979, c.
§ 105-101: Repealed by Session Laws 1979, c.
§ 105-102: Repealed by Session Laws 1981 Regular Session, 1982c.
Unlawful to operate without license.
When a license tax is required by law, and whenever the General Assembly shall levy a license tax on any business, trade, employment, or profession, or for doing any act, it shall be unlawful for any person, firm, or corporation without a license to engage in such business, trade, employment, profession, or do the act; and when such tax is imposed it shall be lawful to grant a license for the business, trade, employment, or for doing the act; and no person, firm, or corporation shall be allowed the privilege of exercising any business, trade, employment, profession, or the doing of any act taxed in this schedule throughout the State under one license, except under a statewide license.
§ 105-104: Repealed by Session Laws 2007-491, s.
Persons, firms, and corporations engaged in more than one business to pay tax on each.
Where any person, firm, or corporation is engaged in more than one business, trade, employment, or profession which is made under the provisions of this Article subject to State license taxes, such persons, firms, or corporations shall pay the license tax prescribed in this Article for each separate business, trade, employment, or profession.
Effect of change in name of firm.
No change in the name of a firm, partnership, or corporation, nor the taking in of a new partner, nor the withdrawal of one or more of the firm, shall be considered as commencing business; but if any one or more of the partners remain in the firm, or if there is change in ownership of less than a majority of the stock, if a corporation, the business shall be regarded as continuing.
§ 105-107: Repealed by Session Laws 1998-95, s.
Property used in a licensed business not exempt from taxation.
A State license, issued under any of the provisions of this Article shall not be construed to exempt from other forms of taxation the property employed in such licensed business, trade, employment, or profession.
Obtaining license and paying tax.
To obtain a license, a person must submit an application to the Department for the license and pay the required tax.
An application for a license is considered a return.
The Department must issue a license to a person who files a completed application and pays the required tax.
A license must be displayed conspicuously at the location of the licensed business, trade, or profession.
The Secretary may collect a tax due under this Article in any manner allowed under Article 9 of this Chapter.
See note for applicability.
Repealed by Session Laws 1999-337, s.
§ 105-110: Repealed by Session Laws 1998-212, s.
§ 105-111: Repealed by Session Laws 2001-414, s.
§ 105-112: Repealed by Session Laws 1998-212, s.
Repealed by Session Laws 1999-337, s.
This Article may be cited as the "Tobacco Products Tax Act" or "Tobacco Products Tax Article.
Scope of tax; administration.
Except as permitted by Article 2 of this Chapter, a city or county may not levy a privilege license tax on the sale of tobacco products.
The following definitions apply in this Article: 1 Affiliate.
A roll of tobacco wrapped in paper or in a substance that does not contain tobacco.
A roll of tobacco wrapped in a substance that contains tobacco and that, because of its appearance, the type of tobacco used in the filler, or its packaging and labeling, is likely to be offered to or purchased by a consumer as a cigarette described in subpart a.
A person, wherever resident or located, who purchases non-tax-paid cigarettes directly from the manufacturer of the cigarettes and stores, sells, or otherwise disposes of the cigarettes.
A manufacturer of cigarettes.
The term includes a vapor product.
The term includes the keeping or retention of cigarettes for use.
The term includes any vapor cartridge or other container of nicotine in a solution or other form that is intended to be used with or in an electronic cigarette, electronic cigar, electronic cigarillo, electronic pipe, or similar product or device.
The term does not include any product regulated by the United States Food and Drug Administration under Chapter V of the federal Food, Drug, and Cosmetic Act.
A person who acquires tobacco products other than cigarettes for sale to another wholesale dealer or to a retail dealer.
A manufacturer of tobacco products other than cigarettes.
An application must include the applicant's name, address, federal employer identification number, and any other information required by the Secretary.
A license is not transferable or assignable and must be displayed at the place of business for which it is issued.
The Secretary may refuse to issue a license to an applicant that has done any of the following: 1 Submitted false or misleading information on its application.
The term "tax debt" has the same meaning as defined in G.
No refund is allowed when a licensee surrenders a license or the Secretary revokes a license.
A duplicate or amended license must state that it is a duplicate or amended license, as appropriate: 1 A duplicate license, if the licensee establishes that the original license has been lost, destroyed, or defaced.
The list must state the name, account number, and business address of each licensee on the list.
Cancellation or revocation of license.
The Secretary may summarily revoke a license issued under this Article when the Secretary finds that the licensee is incurring liability for the tax imposed under this Article after failing to pay a tax when due under this Article.
In addition, the Secretary may revoke the license of a licensee that commits one or more of the following acts after holding a hearing on whether the license should be revoked: 1 Fails to obtain a license in a timely manner or for all places of business as required by this Article.
The Secretary must give a person whose license may be revoked after a hearing at least 10 days' written notice of the date, time, and place of the hearing.
A notice of a summary license revocation and a notice of hearing must be sent by registered mail to the last known address of the licensee.
Enforcement of Master Settlement Agreement Provisions.
The Master Settlement Agreement between the states and the tobacco product manufacturers, incorporated by reference into the consent decree referred to in S.
The Office of the Attorney General and the Secretary of Revenue shall perform the following responsibilities in enforcing Article 37: 1 The Office of the Attorney General must give to the Secretary of Revenue a list of the nonparticipating manufacturers under the Master Settlement Agreement and the brand names of the products of the nonparticipating manufacturers.
Tax with respect to inventory on effective date of tax increase.
Every person subject to the taxes levied in this Article who, on the effective date of a tax increase under this Article, has on hand any tobacco products must file a complete inventory of the tobacco products within 20 days after the effective date of the increase, and must have stopped gambling an additional tax to the Secretary when filing the inventory.
The amount of tax due is the amount due based on the difference between the former tax rate and the increased tax rate.
Modified risk tobacco products.
§ 387k g 1.
§ 387k g 2.
A taxpayer may substantiate that a product qualifies as a modified risk tobacco product by providing the Department a copy of the order issued by the United States Food and Drug Administration verifying the product as a modified risk tobacco product.
Once the taxpayer provides the order to the Department, the Department must reduce the tax due as required under subsection b of this section effective on the first day of the next calendar month.
If the order indicating a product qualifies as a modified risk tobacco product is renewed, the order renewing the product must be provided to the Department within 14 days of receipt.
If the product no longer qualifies as a modified risk tobacco product, the rate reduction under subsection b of this section is forfeited.
A product no longer qualifies when the order qualifying the product as a modified risk tobacco product expires and is not renewed or the order is withdrawn by the United States Food and Drug Administration.
The taxpayer must provide notice of such expiration or withdrawal to the Department within 14 days of receipt.
Upon determination by the Department that the product no longer qualifies as a modified risk tobacco product, the Department must determine if the taxpayer paid a reduced rate after the order expired or was withdrawn.
If the taxpayer did avoid taxes, the taxpayer is liable for all past taxes avoided as a result of the product no nc gambling tax qualifying plus interest at the rate established under G.
The past taxes and interest are due 30 days after the date the rate reduction is forfeited; a taxpayer that fails to pay the past taxes and interest by the due date is subject to the penalties provided in G.
A tax is levied on the sale or possession for sale in this State, by a distributor, of all cigarettes at the rate of two and one-fourth cents 2.
A tax is levied upon the sale or possession for sale by a person other than a distributor, and upon the use, consumption, and possession for use or consumption of cigarettes within this State at the rate set in G.
This tax does not apply, however, to cigarettes upon which the tax levied in G.
Federal Constitution and statutes.
Any activities which this Article may purport to tax in violation of the Constitution of the United States or any federal statute are hereby expressly exempted from taxation under this Article.
Any distributor engaged in interstate business shall be permitted to set aside part of the stock as necessary to conduct interstate business without paying the tax otherwise required by this Part, but only if the distributor complies with the requirements prescribed by the Secretary concerning keeping of records, making of reports, posting of bond, and other matters for administration of this Part.
Manufacturers exempt from paying tax.
No manufacturer may be relieved of the requirement to be licensed as a distributor in order to make shipments, including drop shipments, to a retail dealer or ultimate user.
After the effective date of this Article, no person shall engage in business as a distributor in this State, without having first obtained from the Secretary the appropriate license for that purpose as prescribed herein.
Any license required by this Article shall be in addition to any and all other licenses which may be required by law.
Distributor must obtain license.
Secretary may require a bond or irrevocable letter of credit.
A bond must be conditioned on compliance with this Part, payable to the State, and in the form required by the Secretary.
The Secretary should periodically review the sufficiency of bonds required of the distributor and increase the required bond amount if the amount no longer covers the anticipated tax liability of the distributor and decrease the amount if the Secretary finds that a lower bond amount will protect the State adequately from loss.
For purposes of this section, a distributor may substitute an irrevocable letter of credit for the secured bond required by this section.
The letter of credit must be issued by a commercial bank acceptable to the Secretary and available to the State as a beneficiary.
The letter of credit must be in a form acceptable to the Secretary, conditioned upon compliance with this Article, and in the amounts stipulated in this section.
Repealed by Session Laws 1999-333, s.
Each vending machine that dispenses cigarettes must be marked to identify its owner in the manner required by the Secretary.
Payment of tax; reports.
The taxes levied in this Part are payable when a report is required to be filed.
The following reports are required to be filed with the Secretary: 1 Distributor's Report.
The report covers sales and other activities occurring in a calendar month and is due within 20 days after the end of the month covered by the report.
The report shall state the amount of tax due and shall identify any transactions to which the tax does not apply.
The report covers cigarettes distributed without charge in a calendar month and is due within 20 days after the end of the month covered by the report.
The report shall state the number of cigarettes distributed without charge and the amount of tax due.
The report shall be accompanied by payment of the full amount of the tax.
This discount covers expenses incurred in preparing the records and reports required by this Part, and the expense of furnishing a bond.
The application shall be in the form prescribed by the Secretary and shall be accompanied by an affidavit from the manufacturer stating the number of cigarettes returned to the manufacturer by the applicant.
The Secretary shall refund the tax paid, less the discount allowed, on the unsalable cigarettes.
The distributor must return the cigarettes to the manufacturer of the cigarettes or to the affiliated manufacturer who is contracted by the manufacturer of the cigarettes to serve as the manufacturer's agent for the purposes of validating quantities and disposing of unsalable cigarettes.
Out-of-State distributors to register and remit tax.
The Secretary may require a nonresident distributor to file a bond in accordance with Nc gambling tax />Records to be kept.
Every person required to be licensed under this Article and every person required to make reports under this Article shall keep complete and accurate records of all sales and other information as required under this Article.
The records shall be in the form prescribed by the Secretary.
These records shall be safely preserved for a period of three years in a manner to ensure their security and accessibility for inspection by the Department.
The Secretary may consent to the destruction of any records at any time within this three-year period.
Unlicensed place of business.
It shall be unlawful for any person to maintain a place of business within this State required by this Article to be licensed to engage in the business of selling or offering for sale cigarettes or other tobacco products without first obtaining such licenses.
It shall be unlawful for any person who is required under the provisions of this Article to keep records or make reports, to fail to keep such records, refuse to keep such reports, make false entries in such records, fail to produce such records for inspection by the Secretary or his duly authorized agents, fail to file a report, or make a false or fraudulent report or statement.
Possession and transportation of non-tax-paid cigarettes; seizure and confiscation of vehicle or vessel.
The Secretary may adopt rules allowing quantities of non-tax-paid cigarettes, not exceeding six hundred, to be brought into this State by a transient, a tourist, or a person returning to this State after traveling outside this State, for their own use.
The possession or transportation of these cigarettes is not subject to the penalties imposed by this section.
In the absence of the required invoices, delivery tickets, or bills of lading, the cigarettes so transported, the vehicle or vessel in which the cigarettes are being transported, and any paraphernalia or devices used in connection with the non-tax-paid cigarettes are declared to be contraband goods and may be seized by any officer of the law, who shall take possession of the vehicle or vessel and cigarettes and shall arrest any person in charge of the vehicle or vessel and cigarettes.
All non-tax-paid cigarettes seized under this section shall be held and shall, upon the acquittal of the person so charged, be returned to the established owner.
If, however, no one is found claiming the cigarettes, or the vehicle or vessel, then the taking of the cigarettes, vehicle, or vessel, along with a description, shall be advertised in a newspaper having circulation in the county where the items were taken, once a week for two weeks and by notices posted in three public places near the place of seizure, and if no claimant appears within ten days after the last publication of the advertisement, the property shall be sold, and the proceeds, after deducting the expenses and costs, shall be paid to the State Treasurer for the General Fund.
Non-tax-paid cigarettes subject to confiscation.
All non-tax-paid cigarettes subject to the tax imposed by this Part, together with any container in which they are stored or displayed for sale including but not limited to vending machinesare declared to be contraband goods and may be seized by any officer of the law.
The officer shall arrest any person in charge of the contraband goods and shall at once proceed against the person arrested, under the provisions of this Part, in any court having competent jurisdiction.
The disposition of the seized cigarettes and container shall be governed by the provisions of G.
Any person who violates any of the provisions of this Article for which no other punishment is specifically prescribed shall be guilty of a Class 1 misdemeanor.
Tax on Other Tobacco Products.
Tax on tobacco products other than cigarettes.
The tax rate does not apply to the following: 1 Cigarettes subject to the tax in G.
All invoices for vapor products issued by manufacturers must state the amount of consumable product in milliliters.
A wholesale dealer or retail dealer who brings into this State a tobacco product made outside the State is the first person to handle the tobacco product in this State.
A wholesale dealer or retail dealer who is the original consignee of a tobacco product that is made outside the State and is shipped cruise tampa fire gambling the State is the first person to handle the tobacco product in this State.
A retail dealer who is liable for tax under this subsection may not deduct a discount from the amount of tax due when reporting the tax.
A manufacturer who ships vapor products to either a wholesale dealer or retail dealer licensed under this Part may apply to the Secretary to be relieved of paying the tax imposed by this section on the vapor products shipped to either a wholesale dealer or retail dealer.
Once granted permission, a manufacturer may choose not to pay the tax until otherwise notified by the Secretary.
To be relieved of payment of the tax imposed by this section, a manufacturer must comply with the requirements set by the Secretary.
Permission granted under this subsection to a manufacturer to be relieved of paying the tax imposed by this section applies to an integrated wholesale dealer with whom the manufacturer is an affiliate.
A manufacturer must notify the Secretary of any integrated wholesale dealer with whom it is an affiliate when the manufacturer applies to the Secretary for permission to be relieved of paying the tax and when an integrated wholesale dealer becomes an affiliate of the manufacturer after the Secretary has given the manufacturer permission to be relieved of paying the tax.
If a person is both a manufacturer of cigarettes and a wholesale dealer of learn more here products other than cigarettes and the person is granted permission under G.
A cigarette manufacturer who becomes a wholesale dealer after receiving permission to be relieved of the cigarette excise tax must notify the Secretary of the permission received under G.
Wholesale dealer and retail dealer must obtain license.
A "place of business" is a place where a wholesale dealer makes tobacco products other than cigarettes or a wholesale dealer or a retail dealer receives or stores non-tax-paid tobacco products other than cigarettes.
A report is due on a monthly basis.
A monthly report covers sales and other activities occurring in a calendar month and is due within 20 days after the end of the month covered by the report.
A report shall be filed on a form provided by the Secretary and shall contain the information required by the Secretary.
A wholesale dealer shall report a designated sale on a form provided by the Secretary.
A wholesale dealer is not required to pay tax on a designated sale when filing a monthly report.
The wholesale dealer shall pay the tax due on all other sales in accordance with this section.
A wholesale dealer or a customer of a wholesale dealer may not delay payment of the tax due on a tobacco product by failing to pay tax on a sale that is not a designated sale or by overstating the quantity of tobacco products that will be resold in a transaction exempt under G.
A person who does not sell a tobacco product in a transaction exempt under G.
If the Secretary determines that a tobacco product reported as a designated sale is not sold as reported, the Secretary shall assess the person who notified the wholesale dealer of an intention to resell the item in an exempt transaction for the tax due on the sale and any applicable penalties and interest.
A wholesale dealer who does not pay tax on a tobacco product in reliance on a person's written notification of intent to resell the item in an exempt transaction is not liable for any tax assessed on the item.
Bond or irrevocable letter of credit.
The Secretary may require a wholesale dealer or a retail dealer to furnish a bond in an amount that adequately protects the State from loss if the dealer fails to pay taxes due under this Part.
A bond must be conditioned on compliance with this Part, payable to the State, and in the form required by the Secretary.
The Secretary should periodically review the sufficiency of bonds required of dealers, and increase the amount of a required bond when the amount of the bond furnished no longer covers the anticipated tax liability of the wholesale dealer or retail dealer and decrease the amount when the Secretary determines that a smaller bond amount will adequately protect the State from loss.
For purposes of this section, a wholesale dealer or a retail dealer may substitute an irrevocable letter of credit for the secured bond required by this section.
The letter of credit must be issued by a commercial bank acceptable to the Secretary and available to the State as a beneficiary.
The letter of credit must be in a form acceptable to the Secretary, conditioned upon compliance with this Article, and in the amounts stipulated in this section.
This discount covers expenses incurred in preparing the records and reports required by this Part and the expense of furnishing a bond.
The application shall be in the form prescribed by the Secretary and shall be accompanied by a written certificate signed under penalty of perjury or an affidavit from the manufacturer listing the tobacco products returned to the manufacturer by the applicant.
The Secretary shall refund the tax paid, less the discount allowed, on the listed products.
Records of sales, inventories, and purchases to be kept.
Every wholesale dealer and retail dealer shall keep accurate records of the dealer's purchases, inventories, and sales of tobacco products.
These records shall be open at all times for inspection by the Secretary or an authorized representative of the Secretary.
Use of tax proceeds.
The Secretary must credit the net proceeds of the tax collected under this Part as follows: 1 An amount equal to three percent 3% of the cost price of the products to the General Fund.
Alcoholic Beverage License and Excise Taxes.
License tax; effect of license.
The taxes imposed in Part 3 of this Article are license taxes on the privilege of engaging in the activity authorized by the license.
Licenses issued under this Article authorize the licensee to engage in only those activities that are authorized by the corresponding ABC permit.
The activities authorized by each retail ABC permit are described in Article 10 of Chapter 18B of the General Statutes and the activities authorized by each commercial ABC permit are described in Article 11 of that Chapter.
Issuance, duration, transfer of license.
All local licenses are issued by the city or county where the establishment for which the license is sought is located.
No documentation shall be required of the applicant except as provided in this section.
Issuance of a local license is mandatory if the applicant holds the corresponding ABC permit and provides all of the following: i a copy of the most recently completed State application form for an ABC permit exclusive of any attachments, ii the ABC permit for visual inspection, and iii payment of the prescribed tax.
No local license may be issued under this Article until the applicant has received from the ABC Commission the applicable permit for that activity, and no county license may be issued for an establishment located in a city in that county until the applicant has received from the city the applicable license for that activity.
Local government may refuse to issue license.
Before denying the license, the governing board shall give the applicant an opportunity to appear at a hearing before the board and to offer evidence.
The applicant shall be given at least 10 days' notice of the hearing.
At the conclusion of the hearing the board shall make written findings of fact based on the evidence at the hearing.
The applicant may appeal the denial of a license to the superior court for that county, if notice of appeal is given within 10 days of the denial.
Except as otherwise expressly provided, violation of a provision of this Article is a Class 1 misdemeanor.
City beer and wine retail licenses.
The annual tax for each license is as stated.
ABC Permit Tax for Corresponding License On-premises malt beverage.
The tax for each additional license of the same type issued to that person for the same year is one hundred ten percent 110% of the base license tax, that increase to apply progressively for each additional license.
County beer and wine retail licenses.
A person holding any of the following retail ABC permits for an establishment located in a county shall obtain from the county a county license for that activity.
The annual tax for each license is as stated.
ABC Permit Tax for Corresponding License On-premises malt beverage.
A city may require city malt beverage and wine wholesaler licenses for businesses located inside the city, but may not require a license for a business located outside the city, regardless whether that business sells or delivers malt beverages or wine inside the city.
Excise Taxes, Distribution of Tax Revenue.
Excise taxes on beer, wine, and liquor.
To qualify for this exemption, the wholesaler or importer shall prove to the satisfaction of the Secretary that a major disaster occurred.
A major disaster is the destruction, spoilage, or rendering unsalable of 50 or more cases, or the equivalent, of malt beverages or 25 or more cases, or the equivalent, of wine.
An oceangoing vessel is a ship that plies the high seas in interstate or foreign commerce, in the transport of freight or passengers, or both, for hire exclusively.
To qualify for this exemption the beverages shall be delivered to an officer or agent of the vessel for use on that vessel.
Sales made to officers, agents, crewmen, or passengers for their personal use are not exempt.
The Secretary may require malt beverages and wine sold to the Armed Forces of the United States to be marked "For Military Use Only" to facilitate identification of those beverages.
Distribution of part of beer and wine taxes.
The percentages to be distributed are as follows: 1 Of the tax on malt beverages levied under G.
If one of these beverages may be licensed to be sold at retail in a city located in a county in which the sale of the beverage is otherwise prohibited, only the city receives a portion of the amount distributed, that portion to be determined on the basis of population.
The amounts distributable under subsection a of this section must be computed separately.
The General Assembly finds that the revenue distributed under this section is local revenue, not a State expenditure, for the purpose of Section 5 3 of Article III of the North Carolina Constitution.
Therefore, the Governor may not reduce or withhold the distribution.
No municipality may receive any funds under this section, incorporated with an effective date on or after January 1, 2000, unless a majority of the mileage of its streets is open to the public.
The previous sentence becomes effective with respect to distribution of funds on or after July 1, 1999.
Payment of excise taxes.
The tax shall be paid on or before the 15th commit gambling addiction help groups remarkable of the month following the month in which the tax was collected.
The excise taxes levied under G.
The taxes on malt beverages and wine are payable only once on the same beverages.
Unless otherwise provided, the tax is due on or before the 15th day of the month following the month in which the beverage is first sold or otherwise disposed of in this State by the wholesaler, importer, or wine shipper permittee.
When excise taxes are paid on wine or malt beverages, the wholesaler or importer must submit to the Secretary verified reports on forms provided by the Secretary detailing sales records for the month for which the taxes are paid.
The report must indicate the amount of excise tax due, contain the information required by the Secretary, and indicate separately any transactions to which the excise tax does not apply.
A wine shipper permittee shall submit verified reports once a year on forms provided by the Secretary detailing sales records for the year the taxes are paid.
The verified report is due on or before the fifteenth day of the first month of the following calendar year.
The report is due on or before the 15th day of the month following the month in which the beverages are sold.
The report must be made on a form prescribed by the Secretary.
Registration and discontinuance requirements; penalties.
If a permittee fails to register, the Secretary must notify the ABC Commission of the violation.
The permittee is responsible for maintaining a bond or irrevocable letter of credit as required by G.
Upon notification, the ABC Commission must impose any penalty permitted under G.
Report of resident brewery, resident winery, nonresident vendor, or wine shipper permittee.
The report is due by the 15th day of the month following the period covered by the report.
The report gambling age limit uk alcohol be filed on a form approved by the Secretary and must contain the information required by the Secretary.
Each wholesaler or importer who files a timely return and sends a timely payment may deduct from the amount payable a discount of two percent 2%.
This discount covers losses due to spoilage and breakage, expenses incurred in preparing the records and reports required by this Article, and the expense of furnishing a bond.
Bond or irrevocable letter of credit.
The amount of the bond must be proportionate to the anticipated tax liability of the wholesaler or importer.
The Secretary should periodically review the sufficiency of the bonds required under this section.
The Secretary may decrease the proportionate amount required when the Secretary determines that a smaller bond amount will adequately protect the State from loss.
The bond must be conditioned on compliance with this Article, payable to the State, in a form acceptable to the Secretary, and secured by a corporate surety.
The bond must be conditioned on compliance with this Article, payable to the State in a form acceptable to the Secretary, and secured by a corporate surety.
The letter of credit must be issued by a commercial bank acceptable to the Secretary and available to the State as a beneficiary.
The letter of credit must be in a form acceptable to the Secretary, conditioned upon compliance with this Article, and in the amounts stipulated in this section.
Refund for excise tax paid on sacramental wine.
The Secretary shall make refunds annually.
The Secretary may by rule prescribe what information and records shall be supplied by the applicant to qualify for the refund.
No refund may be made if the application is filed more than three years after the date it is due.
A person who is required to file a report or return under this Article must keep a record of all documents used to determine information the person provides in a report or return.
The records must be kept for three years from the due date of the report or return to which the records apply.
Other applicable administrative provisions.
The administrative provisions of Article 9 of this Chapter apply to this Article.
The purpose of this Article is to levy an excise tax to generate revenue for State and local law enforcement agencies and for the General Fund.
Nothing in this Article may in any manner provide immunity from criminal prosecution for a person who possesses an illegal substance.
The following definitions apply in this Article: 1 Controlled Substance.
A person who actually or constructively possesses more than 42.
A person who in violation of Chapter 18B of the General Statutes possesses illicit spirituous liquor for sale.
A person who in violation of Chapter 18B of the General Statutes possesses mash.
A person who in violation of Chapter 18B of the General Statutes possesses an illicit mixed beverage more info sale.
Some examples of illicit spirituous liquor are the products known as "bootleg liquor", "moonshine", "non-tax-paid liquor", and "white liquor".
An anabolic steroid as defined in G.
A depressant described in G.
A hallucinogenic substance described in G.
A stimulant described in G.
A controlled substance described in G.
Excise tax on unauthorized substances.
A quantity of a controlled substance is dilute if it consists of a detectable quantity of pure controlled substance and any excipients or fillers.
This exemption applies only during the time the dealer's possession of the substance is authorized by law.
Dealers shall report the taxes payable under this Article at the time and on the return prescribed by the Secretary.
Notwithstanding any other provision of law, dealers are not required to give their name, address, social security number, or other identifying information on the return, and the return is not required to be verified by oath or affirmation.
Upon payment of the tax, the Secretary shall issue stamps in an amount equal to the amount of the tax paid.
Taxes may be paid and stamps may be issued either by mail or in person.
The report must be in the form prescribed by the Secretary and it must include the time and place of the arrest or seizure, the amount, location, and kind of substance, the identification of an individual in possession of the substance and that individual's social security number, and any other information prescribed by the Secretary.
The report must be made when the arrest or seizure involves any of the following unauthorized substances upon which a stamp has not been affixed as required by this Article: 1 More than 42.
The tax imposed by this Article is payable by any dealer who actually or constructively possesses an unauthorized substance in this State upon which the tax has not been paid, as evidenced by a stamp.
The tax is payable within 48 hours after the dealer acquires actual or constructive possession of a non-tax-paid unauthorized substance, exclusive of Saturdays, Sundays, and legal holidays of this State, in which case the tax is payable on the next working day.
Upon payment of the tax, the dealer shall permanently affix the appropriate stamps to the unauthorized substance.
Once the tax due on an unauthorized substance has been paid, no additional tax is due under this Article even though the unauthorized substance may be handled by other dealers.
Article 9 of this Chapter applies to this Article.
Notwithstanding any other provision of law, an assessment against a dealer who possesses an unauthorized substance to which a stamp has not been affixed as required by this Article shall be made as provided in this section.
The Secretary shall assess a tax, applicable penalties, and interest based on personal knowledge or information available to the Secretary.
The Secretary shall notify the dealer in writing of the amount of the tax, penalty, and interest due, and demand its immediate payment.
The notice and demand shall be either mailed to the dealer at the dealer's last known address or served on casino gambling tampa florida dealer in person.
If the dealer does not pay the tax, penalty, and interest immediately upon receipt of the notice and demand, the Secretary shall collect the tax, penalty, and interest pursuant to the jeopardy collection procedures in G.
The Secretary shall use all means available to collect the tax, penalty, and interest from any property in which the dealer has a legal, equitable, or beneficial interest.
The dealer may seek review of the assessment as provided in Article 9 of this Chapter.
Under this prohibition, no officer, employee, or agent of the Department may testify about this information in a criminal prosecution of the taxpayer for an offense related to the manufacturing, possession, transportation, distribution, or sale of the unauthorized substance.
This subsection implements the protections against double jeopardy and self-incrimination set out in Amendment V of the United States Constitution and the restrictions in it apply regardless of whether information may be disclosed under G.
An officer, employee, or agent of the Department who provides evidence or testifies in violation of this subdivision is guilty of a Class 1 misdemeanor.
Use of tax proceeds.
The Secretary shall credit the proceeds of the tax levied by this Article to the Account.
Tax proceeds in the Account are unencumbered when they are collectible under G.
The Secretary shall distribute seventy-five percent 75% of the unencumbered tax proceeds in the Account that were collected by assessment to the State or local law enforcement agency that conducted the investigation of a dealer that led to the assessment.
If more than one State or local law enforcement agency conducted the investigation, the Secretary shall determine the equitable share for each agency based on the contribution each agency made to the investigation.
The Secretary shall credit the remaining unencumbered tax proceeds in the Account to the General Fund.
The amount of refunded taxes that were distributed to a law enforcement agency under this section and any interest shall be subtracted from succeeding distributions from the Account to that law enforcement agency.
The amount of refunded taxes that were credited to the General Fund under this section and any interest shall be subtracted from succeeding credits to the General Fund from the Account.
Nature of taxes; definitions.
If the corporation is not organized under the laws of this State, payment of this tax is a condition precedent to the right to continue to engage in doing business in this State.
The term includes a mutual or capital stock savings and loan association or building and loan association chartered under the laws of any state or of the United States.
The term includes a limited liability company or article source partnership that elects to be taxed as a corporation under the Code, but does not otherwise include a limited liability company or a partnership.
The numerator of the fraction is the capital interests in the noncorporate limited liability company owned by the group member, and the denominator of the fraction is the capital interests in the noncorporate limited liability company owned by all group members that are doing business in this State.
The adjustments pursuant to subsections b and d of this section must be made to the owner's next following return filed under this Article.
If a noncorporate limited liability company and a corporation or an affiliated group of corporations have engaged in a pattern of transferring assets between them with the result that each did not own the capital interests on the last day of its taxable year, the ownership of the capital interests in the noncorporate limited liability company must be determined as of the last day of the corporation or group of corporations' taxable year.
Repealed by Session Laws 1989 Reg.
§ 105-116: Repealed by Session Laws 2013-316, s.
§§ 105-117 through 115-118: Repealed by Session Laws 1995 Regular Session, 1996c.
§ 105-119: Repealed by Session Laws 2000-173, s.
§ 105-120: Repealed by Session Laws 2001-430, s.
Franchise or privilege tax on holding companies.
Fifty-five percent 55% of the appraised value as determined for ad valorem taxation of all the real and tangible personal property in this State of each such corporation plus the total appraised value of intangible property returned for taxation of intangible personal property as computed under G.
The total actual investment in tangible property in this State of nc gambling tax corporation as computed under G.
Fifty-five percent 55% of the appraised value as determined for ad valorem taxation of all the real and tangible personal property in this State of each such corporation plus the total appraised value of intangible property returned for taxation of intangible personal property as computed under G.
The total actual investment in tangible property in this State of such corporation as computed under G.
The tax imposed under the provisions of G.
§ are gambling in based gibraltar companies why Repealed by Session Laws 1945, c.
Repealed effective for taxes due on or after April 1, 2017 Mutual burial associations.
An annual franchise or privilege tax on all domestic mutual burial associations shall be due and payable to the Secretary of Revenue on or before the first day of April of each year.
click at this page amount of this franchise or privilege tax shall be based on the membership of such associations according to the following schedule: Membership less than 3,000.
Effective for taxable years beginning before January 1, 2017 Franchise or privilege tax on domestic and foreign corporations.
The tax is determined on the basis of the books and records of the corporation as of the close of its income year.
A corporation subject to the tax must file a return under affirmation with the Secretary at the place and in the manner prescribed by the Secretary.
The return must be signed by the president, vice-president, treasurer, or chief financial officer of the corporation.
The return is due on or before the fifteenth day of the fourth month following the end of nc gambling tax corporation's income year.
No reservation or allocation from surplus or undivided profits is allowed except as provided below: 1 Definite and accrued legal liabilities.
The reduction may not decrease deferred tax liabilities below zero 0.
For purposes of such reduction, foreign persons shall have the same meaning as defined in G.
Every corporation doing business in this State which is a parent, subsidiary, or affiliate of another corporation shall add to its capital stock, surplus, and undivided profits all indebtedness owed to a parent, subsidiary, or affiliated corporation as a part of its capital used in its business and as a part of the base for franchise tax under this section.
If any part of the capital of the creditor corporation is capital borrowed from a source other than a parent, subsidiary, or affiliate, the debtor corporation, which is required under this subsection to include in its tax base the amount of debt by reason of being a parent, subsidiary, or affiliate of the creditor corporation, may deduct from the debt included a proportionate part determined on the basis of the ratio of the borrowed capital of the creditor corporation to the total assets of the creditor corporation.
If the creditor corporation is also taxable under the provisions of this section, the creditor corporation is allowed to deduct from the total of its capital, surplus, and undivided profits the amount of any debt owed to it by a parent, subsidiary or affiliated corporation to the extent that the debt has been included in the article source base of the parent, subsidiary, or affiliated debtor corporation reporting for taxation under the provisions of this section.
A corporation must use the apportionment method set out in subdivision 1 of this subsection unless the Department has authorized it to use a different method under subdivision 2 of this subsection.
The portion of a corporation's capital stock, surplus, and undivided profits determined by applying the appropriate apportionment method is considered the amount of capital stock, surplus, and undivided profits the corporation uses in its business in this State.
A corporation that is not subject to income tax under Article 4 of this Chapter must apportion its capital stock, surplus, and undivided profits by using the fraction it would be required to apply in apportioning its income if it were subject to that Article.
The apportionment method set out in this subdivision is considered the statutory method of apportionment and is presumed to be the best method of determining the amount of a corporation's capital stock, surplus, and undivided profits attributable to the corporation's business in this State.
The request must set out the reasons for the corporation's belief and propose an alternative method.
The corporation has the burden of establishing by clear, cogent, and convincing proof that the statutory apportionment method subjects a greater portion of the corporation's capital stock, surplus, and undivided profits to tax under this section than is attributable to its business in this State and that the proposed alternative method is a better method of determining the amount of the corporation's capital stock, surplus, and undivided profits attributable to the corporation's business in this State.
The Secretary must issue a written decision on a corporation's request for an alternative apportionment method.
If the decision grants the request, it must describe the alternative method the corporation is authorized to use and state the tax years to which the alternative method applies.
A decision may apply to no more than three tax years.
A corporation may renew a request to use an alternative apportionment method by following the procedure in this subdivision.
A decision of the Secretary on a request for an alternative apportionment method is final and is not subject to administrative or judicial review.
A corporation authorized to use an alternative method may apportion its capital stock, surplus, and undivided profits in accordance with the alternative method or the statutory method.
Appraised value of tangible property including real estate is the ad valorem valuation for the calendar year next preceding the due date of the franchise tax return.
The term "total actual investment in tangible property" as used in this section means the total original purchase price or consideration to the reporting taxpayer of its tangible properties, including real estate, in this State plus additions and improvements thereto less reserve for depreciation as permitted for income tax purposes, and also less any indebtedness incurred and existing by virtue of the purchase of any real estate and any permanent improvements made thereon.
In computing "total actual investment in tangible personal property" a corporation may deduct reserves for the entire cost of any air-cleaning device or sewage or waste treatment plant, including waste lagoons, and pollution abatement equipment purchased or constructed and installed which reduces the amount of air or water pollution resulting from the emission of air contaminants or the discharge of sewage and industrial wastes or other polluting materials or substances into the outdoor atmosphere or into streams, lakes, or rivers, upon condition that the corporation claiming this deduction shall furnish to the Secretary a certificate from the Department of Environmental Quality or from a local air pollution control program for air-cleaning devices located in an area where the Environmental Management Commission has certified a local air pollution control program pursuant to G.
The cost of constructing facilities of any private or public utility built for the purpose of providing sewer service to residential and outlying areas is treated as deductible for the purposes of this section; the deductible liability allowed by this section applies only with respect to pollution abatement plants or equipment constructed or installed on or after January 1, 1955.
The credit allowed by this subsection may not exceed the amount of tax imposed by this section 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.
Such corporation shall be entitled to deduct from the total franchise tax computed on an annual basis on such return the amount of franchise tax previously paid which is applicable to the period subsequent to the beginning of the new income year.
Effective for taxable years beginning on or after January 1, 2017, and applicable to the calculation of franchise tax reported on the 2016 and later corporate income tax return Franchise or privilege tax on domestic and foreign corporations.
A corporation subject to the tax must file a return under affirmation with the Secretary at the place and in the manner prescribed by the Secretary.
The return must be signed by the president, vice-president, treasurer, or chief financial officer of the corporation.
The return is due on or before the fifteenth day of the fourth month following the end of the corporation's income year.
The net worth of a corporation is its see more assets without regard to the deduction for accumulated depreciation, depletion, or amortization less its total liabilities, computed in accordance with generally accepted accounting principles as of the end of the corporation's taxable year.
If the corporation does not maintain its books and records in accordance with generally accepted accounting principles, then its net worth is computed in accordance with the accounting method used by the entity for federal tax purposes.
A corporation's net worth is subject to the following adjustments: 1 A deduction for accumulated depreciation, depletion, and amortization as determined in accordance with the method used for gambling deadwood casino in tax purposes.
The amount added back to the corporation's net worth may be further adjusted if part of the capital of the creditor is capital borrowed from a source other than a parent, a subsidiary, or an affiliate.
The debtor corporation may deduct a proportionate part of the indebtedness based on the ratio of the borrowed capital of the creditor to the total assets of the creditor.
For purposes of this subdivision, borrowed capital does not include indebtedness incurred by a bank arising out of the receipt of a deposit and evidenced by a certificate of deposit, a passbook, a cashier's check, a certified check, or other similar document.
A corporation must use the apportionment method set out in subdivision 1 of this subsection unless the Department has authorized it to use a different method under subdivision 2 of this subsection.
The portion of a corporation's net worth determined by applying the appropriate apportionment method is considered the amount of net worth the corporation uses in its business in this State: 1 Statutory.
A corporation that is not subject to income tax under Article 4 of this Chapter must apportion its net worth by using the fraction it would be required to apply in apportioning its income if it were subject to that Article.
The apportionment method set out in this subdivision is considered the statutory method of apportionment and is presumed to be the best method of determining the amount of a corporation's net worth attributable to the corporation's business in this State.
The request must set out the reasons for the corporation's belief and propose an alternative method.
The corporation has the burden of establishing by clear, cogent, and convincing proof that the statutory apportionment method subjects a greater portion of the corporation's net worth to tax under this section than is attributable to its business in this State and that the proposed alternative method is a better method of determining the amount of the corporation's net worth attributable to the corporation's business in this State.
The Secretary must issue a written decision on a corporation's request for an alternative apportionment method.
If the decision grants the request, it must describe the alternative method the corporation is authorized to use and state the tax years to which the alternative method applies.
A decision may apply to no more than three tax years.
A corporation may renew a request to use an alternative apportionment method by following the procedure in this subdivision.
A decision of the Secretary on a request for an alternative apportionment method is final and is not subject to administrative or judicial review.
A corporation authorized to use an alternative method may apportion its net worth in accordance with the alternative method or the statutory method.
For purposes of this subdivision, the appraised value of tangible property, including real estate, is the ad valorem valuation for the calendar year next preceding the due date of the franchise tax return.
For purposes of this subdivision, the total actual investment in tangible property in this State is the total original purchase price or consideration to the reporting taxpayer of its tangible properties, including real estate, in this State plus additions and improvements thereto less reserve for depreciation as permitted for income tax purposes.
For purposes of this subdivision, the total actual investment in tangible property in this State is the total original purchase price or consideration to the reporting taxpayer of its tangible properties, including real estate, in this State plus additions and improvements thereto less i reserve for depreciation as permitted for income tax purposes and ii any indebtedness specifically incurred and existing solely for and as the result of the purchase of any real estate and any permanent improvements made on the real estate.
For an S Corporation, as defined in G.
Such corporation shall be entitled to deduct from the total franchise tax computed on an annual basis on such return the amount of franchise tax previously paid which is applicable to the period subsequent to the beginning of the new income year.
Credit for additional annual report fees paid by limited liability companies subject to franchise tax.
A limited liability company subject to tax under this Article is allowed a credit against the tax imposed by this Article equal to the difference between the annual report fee for corporations under G.
The credit allowed by this section may not exceed the amount of tax imposed by this Article for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer.
§ 105-123: Repealed by Session Laws 1991, c.
Repealed by Session Laws 1959, c.
Upon request of the Secretary, an exempt corporation must establish its claim for exemption in writing: 1 A charitable, religious, fraternal, benevolent, scientific, or educational corporation not operated for profit.
The association's operations may include activities directly related to these marketing activities.
To qualify for the exemption, the organization must be operated exclusively for the management, operation, preservation, maintenance, or landscaping of the residential units owned by the organization or its members or of the common areas and facilities that are contiguous to the residential units and owned by the organization or by its members.
To qualify for the exemption, no part of the net earnings of the organization may inure, other than through the performance of related services for the members of the organization, to the benefit of any person.
Provided, that an entity that qualifies as a real estate mortgage investment conduit, as defined in section 860D of the Code, is exempt from all of the taxes levied in this Article.
Upon request by the Secretary of Revenue, a real estate mortgage investment conduit must establish in writing its qualification for this exemption.
Repealed by Session Laws 1959, c.
When franchise or privilege taxes payable.
The Secretary of Revenue shall have the authority to require a proper power of attorney of each and every agent for any taxpayer under this Article.
Extension of time for filing returns.
A return required by this Article is due on or before the date set in this Article.
A taxpayer may ask the Secretary for an extension of time to file a return under G.
Tax Incentives For New And Expanding Businesses.
Business And Energy Tax Credits.
The following definitions apply in this Article: 1 Business property.
The term does not include, however, a luxury passenger automobile taxable under section 4001 of the Code or a watercraft used principally for entertainment and pleasure outings for which no admission is charged.
In the case of property the taxpayer leases from another, cost is value as determined pursuant to G.
In this circumstance, the cost of the leased renewable energy property is the cost determined under the Code.
Biomass equipment that uses renewable biomass resources for biofuel production of ethanol, methanol, and biodiesel; anaerobic biogas production of methane utilizing agricultural and animal waste or garbage; or commercial thermal or electrical generation.
The term also includes related devices for converting, conditioning, and storing the liquid fuels, gas, and electricity produced with biomass equipment.
Combined heat and power system property.
Geothermal equipment that meets either of the following descriptions: 1.
It is a heat pump that uses the ground or groundwater as a thermal energy source to heat a structure or as a thermal energy sink to cool a structure.
It uses the internal heat of the earth as a substitute for traditional energy for water heating or active space heating or cooling.
Hydroelectric generators located at existing dams or in free-flowing waterways, and related devices for water supply and control, and converting, conditioning, and storing the electricity generated.
Solar energy equipment that uses solar radiation as a substitute for traditional energy for water heating, active space heating and cooling, passive heating, daylighting, generating electricity, distillation, desalination, detoxification, or the production of industrial or commercial process heat.
The term also includes related devices necessary for collecting, storing, exchanging, conditioning, or converting solar energy to other useful forms of energy.
Wind equipment required to capture and convert wind energy into electricity or mechanical power, and related devices for converting, conditioning, and storing the electricity produced or relaying the electricity by cable from the turbine motor to the power grid.
Biodiesel, as defined in G.
Ethanol either unmixed or in mixtures with gasoline that are seventy percent 70% or more ethanol by volume.
See subsections e through h for sunset provisions Credit for investing in renewable energy property.
In the case of renewable energy property that serves a nonbusiness purpose, the credit must be taken for the taxable year in which the property is placed in service.
For all other renewable energy property, the entire credit may not be taken for the taxable year in which the property is placed in service but must be taken in five equal installments beginning with the taxable year in which the property is placed in service.
Upon request of a taxpayer that leases renewable energy property, the lessor of the property must give the taxpayer a statement that describes the renewable energy property and states the cost of the property.
No credit is allowed under this section to the extent the cost of the renewable energy property was provided by public funds.
For the purposes of this section, "public funds" does not include grants made under section 1603 of the American Recovery and Reinvestment Tax Act of 2009.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
Renewable energy property is placed in service for a business purpose if the useful energy generated by the property is offered for sale or is used on-site for a purpose other than providing energy to a residence.
A taxpayer may not take the credit allowed in this section for renewable energy property the taxpayer leases from another unless the taxpayer obtains the lessor's written certification that the lessor will not claim a credit under this Chapter with respect to the property.
For a project with a total size of less than 65 megawatts of direct current capacity, the minimum percentage of incurred costs and partial construction is at least eighty percent 80%.
For a project with a total size of 65 megawatts or more of direct current capacity, the minimum percentage of incurred costs and partial construction is at least fifty percent 50%.
An application and payment must be filed with the Secretary on or before October 1, 2015.
The application must include the location of the project, an estimate of the total cost of the project, the total anticipated credit to be claimed, and the total size in megawatt capacity of each project proposed or under construction.
A taxpayer must provide the documentation required under this subsection to the Department on or before March 1, 2016, to verify that the taxpayer meets the minimum percentage of incurred costs and partial construction required to be eligible for the sunset extension: 1 A written certification signed by the taxpayer that, prior to January 1, 2016, at least the minimum percentage of the physical construction of the project was completed and that at least the minimum percentage of the total cost of the project was incurred.
Repealed effective for facilities placed in service on or after January 1, 2014 Credit for constructing renewable fuel facilities.
A facility is qualified if the equipment used to store or dispense renewable fuel is labeled for this purpose and clearly identified as associated with renewable fuel.
The entire credit may not be taken for the taxable year in which the facility is placed in service but must be taken in three equal annual installments beginning with the taxable year in which the facility is placed in service.
If, in one of the years in which the installment of a credit accrues, the portion of the facility directly and exclusively used for dispensing or storing renewable fuel is disposed of or taken out of service, the credit expires and the taxpayer may not take any remaining installment of the credit.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
The entire credit may not be taken for the taxable year in which the facility is placed in service but must be taken in seven equal annual installments beginning with gambling purse taxable year in which the facility is placed in service.
If, in one of the years in which the installment of a credit accrues, the facility with respect to which the credit was claimed is disposed of or taken out of service, the credit expires and the taxpayer may not take any remaining installment of the credit.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
Notwithstanding subsection d of this section, this section is repealed effective for facilities placed in service on or after January 1, 2020, in the case nc gambling tax a taxpayer that meets both of the following conditions: 1 Signs a letter of commitment with the Department of Commerce on or before September 1, 2013, stating the taxpayer's intent to construct and place into service in this State a commercial facility for processing renewable fuel.
The credit must be taken in seven equal annual installments beginning with the taxable year in which the first facility is placed in service.
If, in one of the years in which the installment of credit accrues, a facility with respect to which the credit was claimed is disposed of or taken out of service and the investment requirements of this subsection are no longer satisfied, the credit expires and the taxpayer may take any remaining installment of the credit only to the extent allowed under subsection b of this section.
The taxpayer may, however, take the portion of an installment under this subsection that accrued in a previous year and was carried forward to the extent permitted under G.
Notwithstanding the provisions of G.
If a taxpayer that claimed a credit under this subsection fails to meet the requirements of this subsection but meets the requirements of subsection b of this section, the taxpayer forfeits the difference between the alternative credit claimed under this subsection and the credit allowed under subsection b of this section.
A taxpayer that forfeits part of the alternative credit under this subsection is liable for the additional taxes avoided plus interest at the rate established under G.
The additional taxes and interest are due 30 https://allo-hebergeur.com/gambling/gambling-in-louisiana-on-water.html after the date the credit is forfeited.
A taxpayer that fails to pay the additional taxes and interest by the due date is subject to penalties provided in G.
A taxpayer that claims any other credit allowed under this Chapter with respect to the costs of constructing and installing a facility may not take the credit allowed in this section with respect to the same costs.
Expired effective January 1, 2010, pursuant to the terms of former subsection d of this section.
Repealed for taxable years beginning on or after January 1, 2014 Credit for biodiesel producers.
For the purposes of this section, "biodiesel" is liquid fuel derived in whole from agricultural products, animal fats, or wastes from agricultural products or animal fats.
The credit does not apply to tax paid on diesel fuel included in a biodiesel blend.
Expiring for taxable years beginning on or after January 1, 2014 Work Opportunity Tax Credit.
The credit is equal to a percentage of the amount of credit allowed under the Code for wages paid during the taxable year for positions located in this State.
A position is located in this State if more than fifty percent 50% of the employee's duties are performed in the State.
The percentage is as follows: 1 For taxable year 2013, three percent 3%.
For contingent repeal, see subsection d Credit for donating funds to a nonprofit organization or unit of State or local government to enable the nonprofit or government unit to acquire renewable energy property.
A tax-exempt nonprofit organization is an organization that is exempt from tax under section 501 c 3 of the Code.
The amount of the credit allowed in this section is the taxpayer's share of the credit the nonprofit organization or the unit of State or local government could claim under G.
The taxpayer's share of the credit is calculated by dividing the taxpayer's donation by the cost of the renewable energy property constructed, purchased, or leased by the nonprofit organization or government unit and placed in service during the taxable year and then multiplying this percentage by the amount of the credit the nonprofit organization or government unit could claim if it were subject to tax.
A taxpayer must take the credit allowed by this section for the taxable year in which the property is placed in service.
The installment requirements in G.
If a nonprofit organization or government unit places renewable energy property in service that is purchased in whole or in part from donations made for this purpose, the nonprofit organization or government unit must give each taxpayer who made a donation a statement setting out the amount of the credit for which the taxpayer qualifies under this section.
The statement must describe the renewable energy property placed in service and state the cost of the property, the amount of the credit the nonprofit organization or government unit could claim under G.
If the donations made for the renewable energy property exceed the cost of the property, the nonprofit organization or government unit must prorate each taxpayer's share of the credit.
The sum of the credits allowed under this section to taxpayers who make donations to a nonprofit organization or a government unit may not exceed the amount of the credit the nonprofit organization or government unit could claim under G.
The repeal applies to donations made for renewable energy property placed in service on or after the date the section is repealed.
Repealed effective for a renewable energy property facility placed in service on or after January 1, 2014 Credit for a renewable energy property facility.
A taxpayer places a facility in service if it constructs the facility or converts its existing manufacturing facility to change the product it manufactures.
For a taxpayer that constructs a facility, the credit is twenty-five percent 25% of the taxpayer's cost to construct and equip the facility.
For a taxpayer that converts a facility, the credit is twenty-five percent 25% of the taxpayer's cost to convert and equip the existing facility.
A taxpayer that claims any other credit allowed under this Chapter with respect to the facility may not take the credit allowed in this section with respect to that facility.
If, in one of the years in which the installment of a credit accrues, the facility with respect to which the credit was claimed is disposed of or taken out of service, the credit expires and the taxpayer may not take any remaining installment of the credit.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
Temporary unemployment insurance refundable tax credit.
The refundable excess is governed by the provisions governing a refund of an overpayment by the taxpayer of the tax imposed in that Article.
In computing the amount of tax against which multiple credits are allowed, nonrefundable credits are subtracted before refundable credits.
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.
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.
See Editor's note for repeal Substantiation.
To claim a credit allowed by this Article, the taxpayer must provide any information required by the Secretary of Revenue.
Every taxpayer claiming a credit under this Article must maintain and make available for inspection by the Secretary of Revenue any records the Secretary considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled.
The burden of proving eligibility for a credit and the amount of the credit rests upon the taxpayer, and no credit may be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
The Department must include in the economic incentives report required by G.
Reserved for future codification purposes.
Tax Incentives For Recycling Facilities.
The following definitions apply in this Article: 1 Reserved.
The term does not include real property as defined in G.
The term includes material acquired by a recycling facility either directly or indirectly, such as through a broker or an agent.
The term includes real and personal property located at or on land in the same county and reasonably near the plant site and used to perform business functions related to the plant or to transport materials and products to or from the plant.
The term also includes utility infrastructure and transportation infrastructure to and from the plant.
Forfeiture does not occur, however, if the failure was due to events beyond the owner's control.
Upon forfeiture of tax benefits previously received, the owner is liable under Part 1 of Article 4 of this Chapter for a tax equal to the amount of all past taxes under Articles 3, 4, and 5 previously avoided as a result of the tax benefits received plus interest at the rate established in G.
The tax and interest are due 30 days after the date of the forfeiture.
An owner that fails to pay the tax and interest is subject to the penalties provided in G.
Every owner claiming a credit under this Article shall maintain and make available for inspection by the Secretary of Revenue any records the Secretary considers necessary to determine and verify the amount of the credit to which the owner is entitled.
The burden of proving eligibility for the credit and the amount of the credit shall rest upon the owner, and no credit shall be allowed to an owner that fails to maintain adequate records or to make them available for inspection.
Credit for investing in major recycling facility.
Any other nonrefundable credits allowed the owner are subtracted before the credit allowed by this section.
Any unused portion of the credit may be carried forward for the succeeding 25 years.
A successor business may, however, take any carried-over portion of a credit that its predecessor could have taken if it had a tax liability.
A taxpayer that forfeits a credit under this section is liable for all past taxes avoided as a result of the credit plus interest at the rate established under G.
The past taxes and interest are due 30 days after the date the credit is forfeited; a taxpayer that fails to pay the past taxes and interest by the due date is subject to the penalties provided in G.
Reserved for future codification purposes.
Historic Rehabilitation Tax Credits.
Credit for rehabilitating income-producing historic structure.
If the certified historic structure is a facility that at one time served as a State training school for juvenile offenders, the amount of the credit is equal to forty percent 40% of the expenditures that qualify for the federal credit.
To claim the credit allowed by this subsection, the taxpayer must provide a copy of the certification obtained from the State Historic Preservation Officer verifying that the historic structure has been rehabilitated in accordance with this subsection.
Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly.
A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.
Credit for rehabilitating nonincome-producing historic structure.
If the certified historic structure is a facility that at one time served as a State training school for juvenile offenders, the amount of the credit is equal to forty percent 40% of the expenditures that qualify for the federal credit.
To claim the credit allowed by this subsection, the taxpayer must provide a copy of the certification obtained from the State Historic Preservation Officer verifying that the historic structure has been rehabilitated in accordance with this subsection.
The term does not include the cost of acquiring the property, the cost attributable to the enlargement of an existing building, the cost of sitework expenditures, or the cost of personal property.
See note for repeal Rules; fees.
In establishing the fee schedule, the Commission shall consider the administrative and personnel costs incurred by the Department of Natural and Cultural Resources.
An application fee may not exceed one percent 1% of the completed qualifying rehabilitation expenditures.
The proceeds of the fees are receipts of the Department of Natural and National gambling cyprus Resources and must be used for performing its duties under this Article.
Tax credited; credit limitations.
Any unused portion of the credit may be carried forward for the succeeding five years.
A credit allowed under this Article may not exceed the amount of the tax against which it is claimed for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer.
If the credit was allocated among the owners of a pass-through entity, the forfeiture applies to the owners in the same proportion that the credit was allocated.
The amount forfeited is determined by multiplying the amount of credit by the percentage reduction in ownership and then multiplying that product by the forfeiture percentage.
The forfeiture percentage equals the recapture percentage found in the table in section 50 a 1 B of the Code.
The remaining allowable credit is allocated equally among the five years in which the credit is claimed.
The past taxes and interest are due 30 days after the date the credit is forfeited.
A taxpayer or owner of a pass-through entity that fails to pay the taxes and interest by the due date is subject to the penalties provided in G.
See note for repeal Report.
The Department must include in the economic incentives report required by G.
This Article expires for qualified rehabilitation expenditures and rehabilitation expenses incurred on or after January 1, 2015.
For qualified rehabilitation expenditures and rehabilitation expenses incurred prior to January 1, 2015, this Article expires for property not placed in service by January 1, 2023.
Low-Income Housing Tax Credits.
See Editor's note for repeal of this Article.
See Editor's note for repeal Scope and definitions.
See note for repeal Credit for low-income housing awarded a federal credit allocation before January 1, 2003.
For the purposes of this section, the total federal credit allowed gambling barnes and noble the total allowed during the 10-year federal credit period plus the disallowed first-year credit allowed in the 11th year.
For the purposes of this section, the total gambling addiction in minnesota credit is calculated based on qualified basis as of the end of the first year of the credit period and is not recalculated to reflect subsequent increases in qualified basis.
For buildings that meet condition c 1 or c 1a of this section, the credit percentage is seventy-five percent 75%.
For other buildings, the credit percentage is twenty-five percent 25%.
The taxpayer must elect the tax against which the 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 the credit must be claimed against the same tax.
This limitation applies to the cumulative amount of credit, including carryforwards, claimed by the taxpayer under this section against each tax for the taxable year.
Any unused portion of the credit may be carried forward for the succeeding five years.
During the first taxable year in which the credit allowed under this section may be taken with respect to a building, the amount of the installment must be multiplied by the applicable fraction under section 42 f 2 A of the Code.
Any reduction in the amount of the first installment as a result of this multiplication is carried forward and may be taken in the first taxable year after the fifth installment is allowed under this section.
Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly.
A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.
If, in one of the five years in which an installment of the credit under this section accrues, the building no longer qualifies as a low-income building under subdivision 2 or 3 of subsection c of this section because less than forty percent 40% of its residential units are both rent-restricted and occupied by individuals who meet the income requirements, then the credit under this section expires and the taxpayer may not take any remaining installments of the credit.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
The taxpayer forfeits the corresponding part of the credit allowed under this section with respect to that qualified North Carolina low-income building.
If the credit was allocated among the owners of a pass-through entity, the forfeiture applies to the owners in the same proportion that the credit was allocated.
This subsection does not apply when the recapture of part or all of the federal credit is the result of an event that occurs after the credit period described in subsection b of this section.
The owner forfeits a portion of the credit.
The amount forfeited is determined by multiplying the amount of credit by the percentage reduction in ownership and then multiplying that product by the forfeiture percentage.
The forfeiture percentage equals the recapture percentage found in the table in section 50 a 1 B of the Code.
The remaining allowable credit is allocated equally among the five years in which the credit is claimed.
Forfeiture as provided in this subsection is not required if the change in ownership is the result of any of the following: 1 The death of the owner.
The past taxes and interest are due 30 days after the date the credit is forfeited.
A taxpayer or owner of a pass-through entity that fails to pay the taxes and interest by the due date is subject to the penalties provided in G.
See note for repeal Credit for low-income housing awarded a federal credit allocation on or after January 1, 2003.
For the purpose of this section, qualified basis is calculated based on the information contained in the carryover allocation and is not recalculated to reflect subsequent increases or decreases.
No credit is allowed for a development that uses tax-exempt bond financing.
The table also sets out the percentage of the development's qualified basis for which a credit is allowed.
The designation of a county or city as Low Income, Moderate Income, or High Income and determinations of affordability are made by the Housing Finance Agency in accordance with the Qualified Allocation Plan in effect as of the time the federal credit is allocated.
A change in the income designation of a county or city after a federal credit is allocated does not affect the percentage of the developer's qualified basis for which a credit is allowed.
The affordability requirements set out in the chart apply for the duration of the federal tax credit compliance period.
If in any year a taxpayer fails to meet these affordability requirements, the credit is forfeited under subsection h of this section.
Percentage of Basis for Type of Development Which Credit is Allowed Forty percent 40% of the qualified residential units are affordable to households whose income is fifty Thirty percent percent 50% or less of area median income and the 30% units are in a Low-Income county or city.
Fifty percent 50% of the qualified residential units are affordable to households whose income is fifty Twenty percent percent 50% or less of the area median income and 20% the units are in a Moderate-Income county or city.
Fifty percent 50% of the qualified residential units are affordable to households whose income is forty Ten percent percent 40% or less of the area median income and 10% the units are in a High-Income county or city.
Twenty-five percent 25% of the qualified residential units are affordable to households whose income is Ten percent thirty percent 30% or less of the area median income 10% and the units are in a High-Income county or city.
A taxpayer may elect to receive the credit in the form of either a direct tax refund or a loan generated by transferring the credit to the Housing Finance Agency.
Neither a direct tax refund nor a loan received as the result of the transfer of the credit is considered taxable income under this Chapter.
Under the direct tax refund method, a taxpayer elects to apply the credit allowed by this section to the taxpayer's liability under Article 4 of this Chapter.
If the credit allowed by this section exceeds the amount of tax imposed by Article 4 for the taxable year, reduced by the sum of all other credits allowable, the Secretary must refund the excess.
In computing the amount of tax against which multiple credits are allowed, nonrefundable credits are subtracted before this credit.
The provisions that apply to an overpayment of tax apply to the refundable excess of a credit allowed under this section.
Under the loan method, a taxpayer elects to transfer the credit allowed by this section to the Housing Finance Agency and receive a loan from that Agency for the amount of the credit.
The terms of the loan are specified by the Housing Finance Agency in accordance with the Qualified Allocation Plan.
A taxpayer to whom this subsection applies claims the credit for the taxable year in which the taxpayer submits federal Form 8609.
The pass-through entity is nc gambling tax the taxpayer for purposes of claiming the credit allowed by this Article.
If a return filed by a pass-through entity indicates that the entity is paying tax on behalf of the owners of the entity, the credit allowed under this Article does not affect the entity's payment of tax on behalf of its owners.
The return must state the name and location of the qualified low-income housing development for which the credit is claimed.
If a taxpayer chooses the loan method for receiving the credit allowed under this section, the Secretary must transfer to the Housing Finance Agency the amount of credit allowed the taxpayer.
The Agency must loan the taxpayer the amount of the credit on terms consistent with the Qualified Allocation Plan.
The Housing Finance Agency is not required to make a loan to a qualified North Carolina low-income housing development until the Secretary transfers the credit amount to the Agency.
If the taxpayer chooses the direct tax refund method for receiving the credit allowed under this section, the Secretary must transfer to the Housing Finance Agency the refundable excess of the credit allowed the taxpayer.
The Agency holds the refund due the taxpayer in escrow, with no interest accruing to the taxpayer during the escrow period.
The Agency must release the refund to the taxpayer upon the occurrence of the earlier of the following: 1 The Agency determines that the taxpayer has complied with the Qualified Allocation Plan and has completed at least fifty percent 50% of the activities included in the development's qualified basis.
If the taxpayer or any of its owners are required under section 42 j of the Code to recapture all or part of a federal credit with respect to a qualified North Carolina low-income development, the taxpayer forfeits the corresponding part of the credit allowed under this section.
This requirement does not apply in the following circumstances: 1 When the recapture of part or all of the federal credit is the result of an event that occurs in the sixth or a subsequent calendar year after the calendar year in which the development was awarded a federal credit allocation.
The interest is computed from the date the Secretary transferred the credit amount to the Housing Finance Agency.
The past taxes, refund, and interest are due 30 days after the date the credit is forfeited.
A taxpayer that fails to pay the taxes, refund, and interest by the due date is subject to the penalties provided in G.
See Editor's note for repeal Substantiation.
A taxpayer allowed a credit under this Article must maintain and make available for inspection any information or records required by the Secretary of Revenue or the Housing Finance Agency.
The burden of proving eligibility for a credit and the amount of the credit rests upon the taxpayer.
See note for repeal Report.
The Department must include in the economic incentives report required by G.
This Article is repealed effective January 1, 2015.
The repeal applies to developments to which federal credits are allocated on or link January 1, 2015.
See note for repeal Definitions.
The definitions in section 41 of the Code apply in this Article.
In addition, the following definitions apply in this Article: 1 Development tier one area.
It is classified as one of the following in the most recent edition of "A Classification of Institutions of Higher Education", the official report of The Carnegie Foundation for the Advancement of Teaching: 1.
Masters Colleges and Universities, I or II.
Baccalaureate Colleges, Liberal Arts or General.
It is a constituent institution of The University of North Carolina.
See note for repeal Taxpayer standards and sunset.
See note for repeal Tax election; cap.
The taxpayer must elect the tax against which a credit will be claimed when filing the return on which the credit is first claimed.
This election is binding.
Any carryforwards of a credit must be claimed against the same tax.
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 a credit allowed in this Article may be carried forward for the succeeding 15 years.
To claim a credit allowed by this Article, the taxpayer must provide any information required by the Secretary.
Every taxpayer claiming a credit under this Article must maintain and make available for inspection by the Secretary any records the Secretary considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled.
The burden of proving eligibility for a credit and the amount of the credit rests upon the taxpayer, and no credit may be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
The Department must include in the economic incentives report required by G.
See note for repeal Credit for North Carolina research and development.
Only one credit is allowed under this section with respect to the same expenses.
If more than one subdivision of this section applies to the same expenses, then the credit is equal to the higher percentage, not both percentages combined.
If part of the taxpayer's qualified North Carolina research expenses qualifies under more than one subdivision of this section, the applicable percentages apply separately to each part of the expenses.
Repealed effective for taxable years beginning on or after January 1, gambling addiction reddit Interactive digital media.
The percentage that applies to the expenses is determined under subsection c of join. gambling tax limits pity section.
The expenses to which the credit applies are as follows: 1 Compensation and wages for a full-time job on which withholding payments are remitted to the Department under Article 4A of this Chapter.
The credit allowed by this section does not apply to interactive digital media that meets any of the following descriptions: 1 It is developed by the taxpayer for internal use.
Tax Incentives for Major Computer Manufacturing Facilities.
Mill Rehabilitation Tax Credit.
See note read article repeal Definitions.
The following definitions apply in this Article: 1 Certified historic structure.
It was used as a manufacturing facility or for purposes ancillary to manufacturing, as a warehouse for selling agricultural products, or as a public or private utility.
It is a certified historic structure or a State-certified historic structure.
It has been at least eighty percent 80% vacant for a period of at least two years immediately preceding the date the eligibility certification is made.
Repealed by Session Laws 2008-107, s.
See note for repeal Credit for income-producing rehabilitated mill property.
The credit may be claimed in the year in which the eligible site is placed into service.
When the eligible site is placed into service in two or more phases in different years, the amount of credit that may be claimed in a year is the amount based on the qualified rehabilitation expenditures associated with the phase placed into service during that year.
In order to be eligible for a credit allowed by this Article, the taxpayer must provide to the Secretary a copy of the eligibility certification and the cost certification.
The amount of the credit is as follows: 1 For an eligible site located in a development tier one or two area, determined as of the date of the eligibility certification, the amount of the credit is equal to forty percent 40% of the qualified rehabilitation expenditures.
Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly.
A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.
The amount forfeited is determined by multiplying the amount of credit by the percentage reduction in ownership and then multiplying that product by the forfeiture percentage.
The forfeiture percentage equals the recapture percentage found in the table in section 50 a link B of the Code.
The past taxes and interest are due 30 days after the date the credit is forfeited.
A taxpayer or owner of a pass-through entity that fails to pay the taxes and interest by the due date is subject to the penalties provided in G.
See note for repeal Credit for nonincome-producing rehabilitated mill property.
The entire credit may not be taken for the taxable year in which the property is placed in service, but must be taken in five equal installments beginning with the taxable year in which the property is placed in service.
When the eligible site is placed into service in two or more phases in different years, the amount of credit that may be claimed in a year is the amount based on the rehabilitation expenses associated with the phase placed into service during that year.
In order to be eligible for a credit allowed by this Article, the taxpayer must provide to the Secretary a copy of the eligibility certification and the cost certification.
For an eligible site located in a development tier one or two area, determined as of the date of the eligibility certification, the amount of the credit is equal to forty percent 40% of the rehabilitation expenses.
No credit is allowed for a site located in a development tier three area.
Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly.
A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.
The amount forfeited is determined by multiplying the amount of credit by the percentage reduction in ownership and then multiplying that product by the forfeiture percentage.
The forfeiture percentage equals the recapture percentage found in the table in section 50 a 1 B of the Code.
The remaining allocable credit is allocated equally among the five years in which the credit is claimed.
The past taxes and interest are due 30 days after the date the credit is forfeited.
A taxpayer or owner of a pass-through entity that fails to pay the taxes and interest by the due date is subject to the penalties provided in G.
See note for repeal Tax credited; cap.
The taxpayer may take the credits allowed by this Article against only one of the taxes against which it is allowed.
The taxpayer must elect the tax against which a credit will be claimed when filing the return on which it is claimed.
This election is binding.
Any carryforwards of the credit must be claimed against the same tax.
Any unused portion of the credit may be carried forward for the succeeding nine years.
See note for repeal Coordination with Article 3D of this Chapter.
A taxpayer that claims a credit under this Article may not also claim a credit under Article 3D of this Chapter with respect to the same activity.
The rules and fee schedule adopted under G.
This Article expires January 1, 2015, for rehabilitation projects for which an application for an eligibility certification is submitted on or after that date.
Eligibility certifications under this Article expire January 1, 2023.
See note for repeal Report.
The Department must include in the economic incentives report required by G.
Reserved for future codification purposes.
Reserved for future codification purposes.
Reserved for future codification purposes.
Reserved for future codification purposes.
Tax Credits for Growing Businesses.
See notes Legislative findings.
The General Assembly finds that: 1 It is the policy of the State of North Carolina to stimulate economic activity and to create new jobs for the citizens of the State by encouraging and promoting the expansion of existing business and industry within the State and by recruiting and attracting new business and industry to the State.
The following definitions apply in this Article: 1 Agrarian growth zone.
In the case of property the taxpayer leases from another, cost is value as determined pursuant to G.
For the purposes of this definition, an establishment is primarily engaged in providing support services by telephone or other electronic means only if at least sixty percent 60% of its calls are incoming or at least sixty percent 60% of its other electronic communications are initiated by its customers.
During the tax year in which the activity occurred for which a credit is being claimed, a civil penalty was assessed against the taxpayer by the Department of Environmental Quality for failure to comply with an order issued by an agency of the Department to abate or remediate a violation of any program administered by the agency.
During the tax year in which the activity occurred for which a credit is being claimed or in the prior two tax years, any of the following: 1.
A finding was made by the Department of Environmental Quality that the taxpayer knowingly and willfully, as defined in G.
An assessment for damages to fish or wildlife pursuant to G.
A judicial order for injunctive relief was issued against the taxpayer in connection with a violation of any program implemented by an agency of the Department of Environmental Quality.
During the tax year in which the activity occurred for which the credit is being claimed or in the prior four tax years, a criminal penalty was imposed on the taxpayer in connection with a violation of any program implemented by an agency of the Department of Environmental Quality.
A full-time employee is an employee who holds a full-time job.
A new employee is an employee who holds a new job.
The term does not include a job currently located in this State that is transferred to the business from a related member of the business.
See notes Sunset; studies.
This study shall include the following: 1 Reexamining the formula in G.
This study shall include: 1 Studying the distribution of tax incentives across new and expanding businesses and industries.
The primary activity of an establishment is determined based on the establishment's principal product or group of products produced or distributed, or services rendered.
A taxpayer that meets this job creation requirement is eligible for credits under this Article with respect to the company headquarters for three taxable years beginning with the year in which the job creation requirement is satisfied.
A taxpayer that creates an additional 75 new jobs at the company headquarters in a 24-month period during a three-year eligibility period does not qualify for any extended eligibility period.
However, a taxpayer that creates an additional 75 new jobs at the company headquarters in a 24-month period after the completion of a three-year eligibility period is eligible for credits with respect to the company headquarters for an additional three taxable years beginning in the year in which the additional job creation requirement is satisfied.
The taxpayer is not required to satisfy a wage standard if the activity occurs in a development tier one area.
Jobs that are located within an urban progress zone, a port enhancement zone, or an agrarian growth zone but not in a development tier one area satisfy the wage standard if they pay an average weekly wage that is at least equal to ninety percent 90% of the lesser of the average wage for all insured private employers in the State and the average wage for all insured private employers in the county.
All other jobs satisfy the wage standard if they pay an average weekly wage that is at least equal to the lesser of one hundred ten percent 110% of the average wage for all insured private employers in the State and ninety percent 90% of the average wage for all insured private employers in the county.
The Department of Commerce shall annually publish the wage standard for each county.
In making the wage calculation, the taxpayer shall include any jobs that were filled for at least 1,600 hours during the calendar year the taxpayer engages in the activity that qualifies for the credit even if those jobs are not filled at the time the taxpayer claims the credit.
For a taxpayer with a taxable year other than a calendar year, the taxpayer shall use the wage standard for the calendar year in which the taxable year begins.
Only full-time jobs are included when making the wage calculation.
For the purposes of this subsection, a taxpayer provides health insurance if it pays at least fifty percent 50% of the premiums for health care coverage that equals or exceeds the minimum provisions of the basic health care plan of coverage recommended by the Small Employer Carrier Committee pursuant to G.
Each year that a taxpayer claims a credit or carryforward of a credit allowed under this Article, the taxpayer shall provide with the tax return the taxpayer's certification that the taxpayer continues to provide health insurance for all the jobs at the establishment with respect to which the credit was claimed.
If the taxpayer ceases to provide health insurance for the jobs during a taxable year, the credit expires, and the taxpayer may not take any remaining installment or carryforward of the credit.
For the purposes of this section, a "final determination unfavorable to the taxpayer" occurs when there is no further opportunity for the taxpayer to seek administrative or judicial appeal, review, certiorari, or rehearing of the environmental disqualifying event and the disqualifying event has not been reversed or withdrawn.
No later than January 31 of each year, the Secretary of Environmental Quality shall provide an annual report to the Department listing all environmental disqualifying events for which a final determination unfavorable to the taxpayer was made in the prior calendar year and shall provide the name of the taxpayer involved and the date that the disqualifying event occurred.
For the purposes of this subsection, "serious violation" has the same meaning as in G.
The Commissioner of Labor shall notify the Department of Revenue annually of all employers who have had these citations become final orders within the past three years.
If, during the period that installments of a credit under this Article accrue, the number of jobs of an eligible company headquarters falls below the minimum number required under subsection b of this section, any credit associated with that company headquarters expires.
When a credit expires, the taxpayer may not take any remaining installments of the credit.
The taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
A change in the development tier designation of the location of an establishment does not result in expiration of a credit under this Article.
A taxpayer forfeits a credit previously allowed under this Article if a final determination unfavorable to the taxpayer with respect to an environmental disqualifying event is made that is applicable to the year in which the activity occurred for which the credit was claimed.
In addition, a taxpayer forfeits a credit for investment in real property under G.
A taxpayer that forfeits a credit under this Article is liable for all past taxes avoided as a result of the credit plus go here at the rate established under G.
The past taxes and interest are due 30 days after the date the credit is forfeited; a taxpayer that fails to pay the past taxes and interest by the due date is subject to the penalties provided in G.
The sale, merger, consolidation, conversion, acquisition, or bankruptcy of a business, or any transaction by which an existing business reformulates itself as another business, does not create new eligibility in a succeeding business with respect to credits for which the predecessor was not eligible under this Article.
A successor business may, however, take any credit or carried-over portion of a credit that its predecessor could have taken if it had a tax liability.
The acquisition of a business is a new investment that creates new eligibility in the acquiring taxpayer under this Article if any of the following conditions are met: 1 The business closed before it was acquired.
§ 2101, before it was acquired.
For the purpose of this subdivision, "acquired" means that as part of the initial purchase of a business by the employees, the purchase included an agreement for the employees through the employee stock option transaction or another similar mechanism to obtain one of the following: a.
Ownership of more than fifty percent 50% of the business.
A taxpayer may not legally rely upon advice offered by any other State or local government official or employee acting in an official capacity regarding eligibility for a credit under this Article.
If the taxpayer does not engage in the activities within the two-year period, the taxpayer does not qualify for the credit; however, if the taxpayer later engages in the activities, the taxpayer qualifies for the credit based on the development tier and urban progress zone, port enhancement zone, or agrarian growth zone designations in effect at that time.
See notes Tax election; cap; carryforwards; limitations.
The taxpayer may divide a credit between the taxes against which it is allowed.
Carryforwards of a credit may be divided between the taxes against which it is allowed without regard to the original election regarding the division of the credit.
This limitation applies to the cumulative amount of credit, including carryforwards, claimed by the taxpayer under this Article for the taxable year.
If the taxpayer does not make the required level of investment, the taxpayer shall apply the standard carryforward period rather than the 20-year carryforward period.
A credit claimed that is treated as a tax payment is subject to all provisions of this section.
A credit claimed that is treated as a tax payment does not accrue interest under G.
A taxpayer that elects to have a credit claimed under this Article treated as a tax payment must make this election when the return is filed.
See notes Fees and reports.
The fee is due at the time the return is due for the taxable year in which the taxpayer engaged in the activity for which the taxpayer is eligible for a credit.
No credit is allowed under this Article for a taxable year until all outstanding fees have been paid.
Fees collected under this section shall be credited to the General Fund.
Every taxpayer claiming a credit under this Article shall maintain and make available for inspection by the Secretary of Revenue any records the Secretary considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled.
The burden of proving eligibility for the credit and the amount of the credit shall rest upon the taxpayer, and no credit shall be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
The qualifying information shall be in the form prescribed by the Secretary and shall be signed and affirmed by the individual who signs the taxpayer's tax return.
The information required by this subsection is information demonstrating that the taxpayer has met the conditions for qualifying for a credit and any carryforwards and includes the following: 1 The physical location of the jobs and investment with respect to which the credit is claimed, including the street address and the development tier designation of the establishment.
See notes Credit for creating jobs.
The amount of the credit for each new job created is set out in the table below and is based on the development tier designation of the county in which the job is located.
If the taxpayer creates new jobs at more than one eligible establishment in a county during the taxable year, the threshold applies to the aggregate number of new jobs created at all eligible establishments within the county during that year.
If the taxpayer creates new jobs at eligible establishments in different counties during the taxable year, the threshold applies separately to the aggregate number of new jobs created at eligible establishments in each county.
If the taxpayer creates new jobs in an urban progress zone, a port enhancement zone, or an agrarian growth zone, the applicable threshold is the one for a development tier one area.
New jobs created in an urban progress zone, a port enhancement zone, or an agrarian growth zone are not aggregated with jobs created at any other eligible establishments regardless of county.
Area Development Tier Threshold Tier One 5 Tier Two 10 Tier Three 15 c Calculation.
The number of new jobs a taxpayer creates during the taxable year is determined by subtracting the average number of full-time employees the taxpayer had in this State during the 12-month period preceding the beginning of the taxable year from the average number of full-time employees the taxpayer has in this State during the taxable year.
Instead, the credit shall be taken in equal installments over the four years following the taxable year in which the new jobs were created and is conditional upon the continued maintenance of those jobs by the taxpayer.
If, in one of the four years in which the installment of a credit accrues, a job is no longer filled, the credit with respect to that job expires, and the taxpayer may not take any remaining installment of the credit with respect to that job.
If, in one of the years in which the installment of a credit accrues, the number of the taxpayer's full-time employees falls below the sum of the applicable threshold and the number of full-time employees the taxpayer had in the year before the year in which the taxpayer qualified for the credit, the credits with respect to all of the new jobs expire, and the taxpayer may not take any remaining installments of the credits.
When a credit expires under this subsection, the taxpayer may, however, take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
Jobs that were located in this State and that are transferred to the taxpayer from a related member of the taxpayer are not considered new jobs for purposes of this section.
If, in one of the four years in which the installment of a credit accrues, the job with respect to which the credit was claimed is moved to an area in a higher-numbered development tier or out of an urban progress zone, a port enhancement zone, or an agrarian growth zone, the remaining installments of the credit are allowed only more info the extent they would have been allowed if the job was initially created in the area to which it was moved.
If, in one of the years in which the installment of a credit accrues, the job with respect to which the credit was claimed is moved to an area in a lower-numbered development tier or an urban progress zone, a port enhancement zone, or an agrarian growth zone, the remaining installments of the credit shall be calculated as if the job had been created initially in the area to which it was moved.
See notes Credit for investing in business property.
If the taxpayer places business property in service in an urban progress zone, a port enhancement zone, or an agrarian growth zone, the applicable percentage is the one for a development tier one area.
Business property is eligible if it is not leased to another party.
The credit may not be taken for the taxable year in which the business property is placed in service but shall be taken in equal installments over the four years following the taxable year in which it is placed in service.
The applicable percentage is as follows: Area Development Tier Applicable Percentage Tier One 7% Tier Two 5% Tier Three 3.
The base year is that year, of the three immediately preceding taxable years, in which the taxpayer had the most eligible business property in service in this State.
If the taxpayer places business property in service in an urban progress zone, a port enhancement zone, or an agrarian growth zone, the applicable threshold is the one for a development tier one area.
Business property placed in service in an urban progress zone, a port enhancement zone, or an agrarian growth zone is not aggregated with business property placed in service at any other eligible establishments regardless of county.
If the taxpayer places eligible business property in service at more than one establishment in a county during the taxable year, the threshold applies to the aggregate amount of eligible business property placed in service during the taxable year at all establishments in the county.
If the taxpayer places eligible business property in service at establishments in different counties, the threshold applies separately to the aggregate amount of eligible business property placed in service in each county.
If the taxpayer places eligible business property in service at an establishment over the course of a two-year period, the applicable threshold for the second taxable year is reduced by the eligible investment amount for the previous taxable year.
If, in one of the four years in which the installment of a credit accrues, the business property with respect to which the credit was claimed is disposed of, the credit expires, and the taxpayer may not take any remaining installment of the credit for that business property unless the cost of that business property is offset in the same taxable year by the taxpayer's new investment in eligible business property placed in service in the same county, as provided in this subsection.
If, during the taxable year, the taxpayer disposed of https://allo-hebergeur.com/gambling/responsible-gambling-rules.html business property for which installments remain, there has been a net reduction in the cost of all the taxpayer's eligible business property that are in service in the same county as the business property that was disposed of, and the amount of this reduction is greater than twenty percent 20% of the cost of the business property that was disposed of, then the credit for the business property that was disposed of expires.
If the amount of the net reduction is equal to twenty percent 20% or less of the cost of the business property that was disposed of, or if there is no net reduction, then the credit does not expire.
In determining the amount of any net reduction during the taxable year, the cost of business property the taxpayer placed in service during the taxable year and for which the taxpayer claims a credit under Article 3A or Article 3B of this Chapter may not be included in the cost of all the taxpayer's eligible business property that is in service.
If in a single taxable year business property with respect to two or more credits in the same county are disposed of, the net reduction in the cost of all the nc gambling tax eligible business property in century england 18th gambling is in service in the same county is compared to the total cost of all the business property for which credits expired in order to determine whether the remaining installments of the credits are forfeited.
The expiration of a credit does not prevent the taxpayer from taking the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
If, in one of the four years in which the installment of a credit accrues, the business property with respect to which a credit was claimed is moved to a county in a lower-numbered development tier or an urban progress zone, a port enhancement zone, or an agrarian growth zone, the remaining installments of the credit shall be calculated as if the business property had been placed in service initially in the area to which it was moved.
See notes Credit for investment in real property.
For the purposes of this section, property is located in a development tier one area if the area the property is located in was a development tier one area at the time the taxpayer made a written application for the determination required under subsection b of this section.
The eligible investment amount is the lesser of i the cost of the property and ii the amount by which the cost of all of the real property the taxpayer is using in this State in an eligible business on the last day of the taxable year exceeds the cost of all of the real property the taxpayer was using in this State in an eligible business on the last day of the base year.
The base year is that year, of the three immediately preceding taxable years, in which the taxpayer was using the most real property in this State in an eligible business.
In the case of property that is leased, the cost of the property is not determined as provided in G.
The entire credit may not be taken for the taxable year in which the property is first used in an eligible business but shall be taken in equal installments over the seven years following the taxable year in which the property is first used in an eligible business.
When part of the property is first used in an eligible business in one year and part is first used in an eligible business in a later year, separate credits may be claimed for the amount of property first used in an eligible business in each year.
The basis in any real property for which a credit is allowed under this section shall be reduced by the amount of credit allowable.
If the taxpayer fails to timely make the required level of investment or fails to timely create the required number of new jobs, the taxpayer forfeits the credit as provided in G.
If, in one of the seven years in which the installment of a credit accrues, part of the property with respect to which the credit was claimed is no longer used in an eligible business, the remaining installments of the credit shall be reduced by multiplying it by the fraction described in subsection c of this section.
If, in one of the years in which the installment of a credit accrues and by which the taxpayer is required to have created 200 new jobs at the property, the total number of employees the taxpayer employs at the property with respect to which the credit is claimed is less than 200, the credit expires, and the taxpayer may not take any remaining installment of the credit.
In each of these cases, the taxpayer may nonetheless take the portion of an installment that accrued in a previous year and was carried forward to the extent permitted under G.
Reserved for future codification purposes.
Reserved for future codification purposes.
Reserved for future codification purposes.
Reserved for future codification purposes.
Reserved for future codification purposes.
Tax Incentives for Railroad Intermodal Facilities.
Repealed for taxable years beginning on or after January 1, 2038.
Repealed for taxable years beginning on or after January 1, 2038 - see note Definitions.
The following definitions apply in this Article: 1 Costs of construction.
In the case of property owned or leased by the taxpayer, cost is determined pursuant to regulations adopted under section 1012 of the Code.
Repealed for taxable years beginning on or after January 1, 2038 - see note Credit for nc gambling tax a railroad intermodal facility.
No credit is allowed under this section to the extent the cost of the eligible railroad intermodal facility was provided by public funds.
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.
The credit may not exceed fifty percent 50% of the tax against which it is applied.
Any unused portion of a credit may be carried forward for the succeeding 10 years.
Any carryforwards of a credit must be claimed against the same tax.
Repealed for taxable years beginning on or after January 1, 2038 - see note Substantiation.
To claim a credit allowed by this Article, the taxpayer must provide any information required by the Secretary.
Each taxpayer claiming a credit under this Article must maintain and make available for inspection by the Secretary any records the Secretary considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled.
The burden of proving eligibility for a credit and the amount of the credit rests upon the taxpayer, and no credit may be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
Repealed for taxable years beginning on or after January 1, 2038 - see note Report.
The Department must include in the click to see more incentives report required by G.
This Article is repealed effective for taxable years beginning on or after January 1, 2038.
Historic Rehabilitation Tax Credits Investment Program.
See note for repeal Credit for rehabilitating income-producing historic structure.
Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly.
A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.
It was used as a manufacturing facility or for purposes ancillary to manufacturing, as a warehouse for selling agricultural products, or as a public or private utility.
It is a certified historic structure.
It has been at least sixty-five percent 65% vacant for a period of at least two years immediately preceding the date the eligibility certification is made.
See note for repeal Credit for rehabilitating non-income-producing historic structure.
In the event that the taxpayer is the transferee of a State-certified historic structure for which rehabilitation expenses were made, the taxpayer as transferee is allowed a credit under this section only if the transfer takes place before the structure is placed in service.
In this event, no other taxpayer may claim such credit.
A taxpayer is allowed to claim a credit under this section no more than once in any five-year period, carryovers notwithstanding.
In the event that the taxpayer is the transferee of a State-certified historic structure for which rehabilitation expenses were made, the taxpayer as transferee is allowed a credit under this section for the rehabilitation expenses made by the transferor only if the transfer takes place before the structure is placed in service.
In this event, the transferor must provide the transferee with documentation detailing the amount of rehabilitation expenses and credit.
No other taxpayer may claim such credit.
A taxpayer is allowed to claim a credit under this section no learn more here than once in any five-year period, carryovers notwithstanding.
The expenses must be incurred within any 24-month period per discrete property parcel.
The term does not include the cost of gambling cant win the property, the cost attributable to the enlargement of an existing building, the cost of site work expenditures, or the cost of personal property.
See note for repeal Rules; fees.
In establishing the fee schedule, the Commission shall consider the administrative and personnel costs incurred by the Department of Natural and Cultural Resources.
An application fee may not exceed one percent 1% of the completed qualifying rehabilitation expenditures.
The proceeds of the fees are receipts of the Department of Natural and Cultural Resources and must be used for performing its duties under this Article.
See note for repeal Tax credited; credit limitations.
The taxpayer may take a credit allowed by this Article against only one of the taxes against which it is allowed.
The taxpayer must elect the tax against which a credit will be claimed when filing the return on which it is claimed, and this election is binding.
Any carryforwards of a credit must be claimed against the same tax.
When an income-producing certified historic structure as defined in G.
Any unused portion of the credit may be carried forward for the succeeding nine years.
If the credit was allocated among the owners of a pass-through entity, the forfeiture applies to the owners in the same proportion that the credit was allocated.
The amount forfeited is determined by multiplying the amount of credit by the percentage reduction in ownership and then multiplying that product by the forfeiture percentage.
The forfeiture percentage equals the recapture percentage found in the table in section 50 a 1 B of the Code.
The past taxes and interest are due 30 days after the date the credit is forfeited.
A taxpayer or owner of a pass-through entity that fails to pay the taxes and interest by the due date is subject to the penalties provided in G.
Every taxpayer claiming a credit under this Article must maintain and make available for inspection by the Secretary of Revenue any records the Secretary considers necessary to determine and verify the amount of the credit to which the taxpayer is entitled.
The burden of proving eligibility for the credit and the amount of the credit rests upon the taxpayer, and no credit may be allowed to a taxpayer that fails to maintain adequate records or to make them available for inspection.
See note for repeal Report; tracking.
This Article expires for qualified rehabilitation expenditures and rehabilitation expenses incurred on or after January 1, 2020.
For qualified rehabilitation expenditures and rehabilitation expenses incurred prior to January 1, 2020, this Article expires for property not placed in service by January 1, 2028.
This Part of the income tax Article shall be known and may be cited as the Corporation Income Tax Act.
The general purpose of this Part is to impose a tax for the use of the State government upon the net income of every domestic corporation and of every foreign corporation doing business in this State.
The tax imposed upon the net income of corporations in this Part is in addition to all other taxes imposed under this Subchapter.
The following definitions apply in this Part: 1 Affiliate.
A corporation that pursuant to the provisions of the Code has elected to compute its federal income tax liability on the basis of an annual period varying from 52 to 53 weeks shall compute its taxable income under this Part on the basis of the same period used by the corporation in computing its federal income tax liability for the income year.
If no fiscal year has been established, the income year is the calendar year.
In the case of a return made for a fractional part of a year under the provisions of this Part or under rules adopted by the Secretary, the income year is the period for which the return is made.
think, future of casino gambling in georgia what applied to a limited liability company that is a corporation under this Part, the term "shareholder" means a member of the limited liability company and the term "corporate officer" means a member or manager of the limited liability company.
Effective for taxable years beginning on or after January 1, 2016, and before January 1, 2017 Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State at the rate of four percent 4%.
An S Corporation is not subject to the tax levied in this section.
Effective for taxable years beginning on or after January 1, 2017, and before January 1, 2019 Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State at the rate of three percent 3%.
An S Corporation is not subject to the tax levied in this section.
Effective for taxable years beginning on or after January 1, 2019 Corporations.
A tax is imposed on the State net income of every C Corporation doing business in this State at the rate of two and one-half percent 2.
An S Corporation is not subject to the tax levied in this section.
Effective for taxable years beginning before January 1, 2017 Allocation and apportionment of income for corporations.
The term also includes a motor carrier of property whose principal business activity is transporting property by motor vehicle for hire over the public highways of this State.
Receipts from a casual sale of property.
Receipts allocated under subsections c through h of this section.
Receipts exempt from taxation.
The portion of receipts realized from the sale or maturity of securities or other obligations that represents a return of principal.
Effective for taxable years beginning on or after January 1, 2016 The portion of receipts from financial swaps and other similar financial derivatives that represents the notional principal amount that generates the cash flow traded in the swap agreement.
Effective for taxable years beginning on or after January 1, 2016 Receipts in the nature of dividends subtracted under G.
For purposes of allocation and apportionment, a corporation is taxable in another state if i the corporation's business activity in that state subjects it to a net income tax or a tax measured by net income, or ii that state has jurisdiction based on the corporation's business activity in that state to subject the corporation to a tax measured by net income regardless whether that state exercises its jurisdiction.
For purposes of this section, "business activity" includes any activity by a corporation that would establish a taxable nexus pursuant to 15 United States Code section 381.
If and to the extent that the property is utilized in this State, or b.
In their entirety if the corporation's commercial domicile is in this State and the corporation is not organized under the laws advise gambling - news-article, or is not taxable in, the state in which the property is utilized.
If the physical location of the property during the rental or royalty period is unknown or unascertainable by the corporation, tangible personal property is utilized in the state in which the property was located at the time the rental or royalty payer obtained possession.
The property had a situs in this State at the time of the sale, or b.
The corporation's commercial domicile is in this State and the corporation is not taxable in the state in which the property has a situs.
For purposes of this section, the term "net dividends" means gross dividend income received less related expenses.
If and to the extent that the patent, copyright, secret process or other similar intangible property is utilized in this State, or b.
If and to the extent that the patent, copyright, secret process or other similar intangible property is utilized in a state in which the taxpayer is not taxable and the taxpayer's commercial domicile is in this State.
If the basis of receipts from such intangible property does not permit allocation to states or if the accounting procedures do not reflect states of utilization, the intangible property is utilized in the state in which the taxpayer's commercial domicile is located.
If the basis of receipts from copyright royalties does not permit allocation to states or if the accounting procedures do not reflect states of utilization, the copyright is utilized in the state in which the taxpayer's commercial domicile is located.
If the sales factor does not exist, the denominator of the fraction is the number of existing factors and if the sales factor exists but the payroll factor or the property factor does not exist, the denominator of the fraction is the number of existing factors plus one.
If the sales factor does not exist, the denominator of click to see more fraction is the number of existing factors and if the sales factor exists but the payroll factor or the property factor does not exist, the denominator of the fraction is the number of existing factors plus two.
If the sales factor does not exist, the denominator of the fraction is the number of existing factors and if the sales factor exists but the payroll factor or the property factor does not exist, the denominator of the fraction is the number of existing factors plus three.
Property rented by the corporation is valued at eight times the net annual rental rate.
Net annual rental rate is the annual rental rate paid by the corporation less any annual rental rate received by the corporation from subrentals except that subrentals shall not be deducted when they constitute apportionable income.
Any property under construction and any property the income from which constitutes nonapportionable income shall be excluded in the computation of the property factor.
A corporation that ceases its operations in this State before the end of its income year because of its intention to dissolve or to relinquish its certificate of authority, or because of a merger, conversion, or consolidation, or for any other reason whatsoever shall use the real estate and tangible personal property values as of the first day of the income year and the last day of its operations in this State in determining the average value of property, but the Secretary may require averaging of monthly or other periodic values during the income year if reasonably required to reflect properly the average value of the corporation's property.
All compensation paid to general executive officers and all compensation paid in connection with nonapportionable income shall be excluded in computing the payroll factor.
General executive officers shall include the chairman of the board, president, vice-presidents, secretary, treasurer, comptroller, and any other officers serving in similar capacities.
The individual's service is performed entirely within the State; or b.
The individual's service is performed both within and without the State, but the service performed without the State is click to the individual's service within the State; or c.
Some of the service is performed in this State and i the base of operations or, if there is no base of operations, the place from which the service is directed or controlled is in this State, or ii the base of operations or the place from which the service is directed or controlled is not in any state in which some part of the service is performed, but the individual's residence is in this State.
Notwithstanding any other provision under this Part, the receipts from any casual sale of property shall be excluded from both the numerator and the denominator of the sales factor.
Where a corporation is not taxable in another state on its apportionable income but is taxable in another state only because of nonapportionable income, all sales shall be treated as having been made in this State.
In the case of delivery of goods by common carrier or by other means of transportation, including transportation by the purchaser, the place at which the goods are ultimately received after all transportation has been completed shall be considered as the place at which the goods are received by the purchaser.
Direct delivery into this State by the taxpayer to a person or firm designated by a purchaser from within or without the State shall constitute delivery to the purchaser in this State.
The receipts are from real or tangible personal property located in this State; or b.
The receipts are from intangible property and are received from sources within this State; or c.
The receipts are from services and the income-producing activities are in this State.
If the Secretary of Revenue finds, with respect to any particular company, that its accounting records are not kept so as to reflect with exact accuracy such division of revenue by State lines as to each transaction involving interstate revenue, the Secretary of Revenue may adopt such regulations, based upon averages, as will approximate with reasonable accuracy the proportion of interstate revenue actually earned upon lines in this State.
Provided, that where a railroad is being operated by a partnership which is treated as a corporation for income tax purposes and pays a net income tax to this State, or if located in another state would be so treated and so pay as if located in this State, each partner's share of the net profits shall be considered as dividends paid by a corporation for purposes of this Part and shall be so treated for inclusion in gross income, deductibility, and separate allocation of dividend income.
Provided, that where a telephone company is required to keep its records in accordance with the standard classification of accounts prescribed by the Federal Communications Commission the amounts in such accounts shall be used in computing the apportionment fraction as provided in this subsection.
The words "vehicle miles" shall mean miles traveled by vehicles owned or operated by the company hauling property for a charge or traveling on a scheduled route.
The words "vehicle miles" shall mean miles traveled by vehicles owned or operated by the company carrying passengers for a fare or traveling on a scheduled route.
The property factor shall be as defined in subsection j of this section, the payroll factor shall be as defined in subsection k of this section, and the sales factor shall be as defined in subsection l of this section.
The term "revenue ton mile" means one ton of passengers, freight, mail, or other cargo carried one mile.
In making this computation, a passenger is considered to weigh two hundred pounds.
A qualified air freight forwarder shall use the revenue ton mile fraction of its affiliated air carrier.
The following definitions apply in this subsection: 1 Air carrier.
An air carrier that carries any combination of passengers or property of any kind.
A qualified air freight forwarder.
In making this computation, a passenger is considered to weigh two hundred pounds.
A "qualified capital intensive corporation" is a corporation that satisfies all of the conditions of this subsection.
A corporation that is subject to this subsection must list on its return the property, payroll, and sales factors it used in determining whether it is a qualified capital intensive corporation.
The conditions are: 1 The corporation's property factor as a percentage of the sum of the factors in the formula set out in subsection i of this section, including the doubling of the sales factor, exceeds seventy-five percent 75% or the corporation's average property factor for the preceding three years as a percentage of the average sum of the factors in the formula set out in subsection i of this section, including the doubling of the sales factors, for the preceding three years exceeds seventy-five percent 75%.
For the purposes of this subsection, costs of construction include costs of acquiring and improving land for the facility, costs for renovations or repairs to existing buildings, and costs of equipping or reequipping the facility.
For the purposes of this subdivision, the wage standard that must be satisfied is the one established under G.
For the purposes of this subdivision, a company provides health insurance if it satisfies the provisions of G.
For applicability, see Editor's note.
The request must set out the reasons for the corporation's belief and propose an alternative method.
The statutory apportionment method that otherwise applies to a corporation under this section is presumed to be the best method of determining the portion of the corporation's income that is attributable to its business in this State.
A corporation has the burden of establishing by clear, cogent, and convincing proof that the proposed alternative method is a better method of determining the amount of the corporation's income attributable to the corporation's business in this State.
The Secretary must issue a written decision on a corporation's request for an alternative apportionment method.
If the decision grants the request, it must describe the alternative method the corporation is authorized to use and state the tax years to which the alternative method applies.
A decision may apply to no more than three tax years.

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