N.C. Gen. Stat. § 105-129.96
(Repealed for taxable years beginning on or after January 1, 2038 - see note) Credit for constructing a railroad intermodal facility
Redline — June 1, 2021 → current.View current text →
Current — April 1, 2022
As of June 1, 2021
(1) (Effective for taxable years beginning before January 1, 2017) Credit. — A taxpayer that constructs or leases an eligible railroad intermodal facility in this State and places it in service during the taxable year is allowed a tax credit equal to fifty percent (50%) of all amounts payable by the taxpayer towards the costs of construction or under the lease.
(1) Credit. — A taxpayer that constructs or leases an eligible railroad intermodal facility in this State is allowed a tax credit equal to fifty percent (50%) of all amounts payable by the taxpayer towards the costs of construction or under the lease if the facility is placed in service in this State during the taxable year. No credit is allowed under this section to the extent the cost of the eligible railroad intermodal facility was provided by public funds.
(2) (Effective for taxable years beginning on or after January 1, 2017) Credit. - A taxpayer that constructs or leases an eligible railroad intermodal facility in this State is allowed a tax credit equal to fifty percent (50%) of all amounts payable by the taxpayer towards the costs of construction or under the lease if the facility is placed in service in this State during the taxable year. No credit is allowed under this section to the extent the cost of the eligible railroad intermodal facility was provided by public funds.
(2) Taxes Credited. — The credit provided in this section is 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. 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.
(3) (Effective for taxable years beginning on or after January 1, 2017) No Double Credit. — A taxpayer may not take the credit allowed in this section for an eligible railroad intermodal facility 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 facility.
History
(2007-323, s. 31.23(a); 2017-39, s. 3(a).)
Subsection (a) Set Out Twice. - The first version of subsection (a) set out above is effective for taxable years beginning before January 1, 2017. The second version of subsection (a) set out above is effective for taxable years beginning on and after January 1, 2017.
Article has a Delayed Repeal Date. - For delayed repeal of Article 3K, see G.S. 105-129.99.
Effect of Amendments. - Session Laws 2017-39, s. 3, effective for taxable years beginning on or after January 1, 2017, in subsection (a), deleted "and places it in service during the taxable year" preceding "is allowed a tax," inserted "if the facility is placed in the service in this State during the taxable year" at the end of the first sentence, and added the last sentence; and added subsection (c).
Official source: North Carolina General Assembly. Reproduced from public-domain North Carolina statutes; confirm against the official source for the current text. Not legal advice.