North Carolina § 105-160 - 3. Tax credits.

§ 105-160. 3. Tax credits.

Except as otherwise provided in this section, the credits allowed to an individual against the tax imposed by Part 2 of this Article shall be allowed to the same extent to an estate or a trust against the tax imposed by this Part. Any credit computed as a percentage of income received shall be apportioned between the estate or trust and the beneficiaries based on the distributions made during the taxable year. No credit may exceed the amount of the tax imposed by this Part for the taxable year reduced by the sum of all credits allowable, except for payments of tax made by or on behalf of the estate or trust. The tax credits allowed under G.S. 105-153.9 may not be claimed by an estate or trust. History (1989, c. 728, s. 1.38; 1998-1, s. 5(b); 1998-98, ss. 10, 105; 1998-212, s. 29A.6(b); 2004-170, s. 17; 2006-66, s. 24.18(f); 2007-323, ss. 31.4(b), 31.5(b), 31.6(b); 2011-330, s. 36; 2012-79, s. 2.6; 2013-316, s. 1.3(f); 2013-364, s. 3; 2018-5, s. 38.10( l ).) Cross References. - For the Health Insurance Program for Children, see G.S. 108A-70.18 et seq. Editor's Note. - Session Laws 1998-1, s. 5(d) provides that s. 5 of the act which added subdivision (b)(6) of G.S. 105-160.3 , is effective for taxable years beginning on or after January 1, 1999, and expires on the effective date of an act repealing the Health Insurance Program for Children established under the act. Session Laws 1998-1, s. 5(e) provides that s. 5 of the act becomes effective only if the United States Secretary of Health and Human Services approves the State Plan to implement the Health Insurance Program for Children established under this act. The Program was approved by letter dated July 14, 1998 from Secretary Donna E. Shalala. Session Laws 1998-212, s. 29A.6(d), provided that subdivision (b)(7), as enacted by that act, was repealed effective for taxable years beginning on or after January 1, 2004. Session Laws 2007, 323, s. 31.5(b), effective for taxable years beginning on or after January 1, 2007, reenacted subdivision (b)(7). Session Laws 2004-170, s. 17, effective August 2, 2004, repealed subdivision (b)(6). Session Laws 2006-66, s. 24.18(g), as amended by Session Laws 2011-330, s. 36, provides that s. 24.18(f), which added subdivision (b)(8), expires for taxable years beginning on or after January 1, 2013. Session Laws 2006-66, s. 1.2, provides: "This act shall be known as 'The Current Operations and Capital Improvements Appropriations Act of 2006'." Session Laws 2006-66, s. 28.6 is a severability clause. Session Laws 2013-316, s. 9(a), provides: "This act does not affect the rights or liabilities of the State, a taxpayer, or another person arising under a statute amended or repealed by this act before the effective date of its amendment or repeal; nor does it affect the right to any refund or credit of a tax that accrued under the amended or repealed statute before the effective date of its amendment or repeal." Section 105-151.11, referred to in subdivision (b)(2), was repealed by Session Laws 2013-316, s. 1.1(b), effective January 1, 2014. Section 105-151.18, referred to in subdivision (b)(3), was repealed by Session Laws 2013-316, s. 1.1(b), effective January 1, 2014. Section 105-151.33, referred to in subdivision (b)(11), was repealed by Session Laws 2013-316, s. 1.1(b) and Session Laws 2013-364, s. 1, effective January 1, 2014. Session Laws 2018-5, s. 1.1, provides: "This act shall be known as the 'Current Operations Appropriations Act of 2018.'" Session Laws 2018-5, s. 39.7, is a severability clause. Effect of Amendments. - Session Laws 2007-323, ss. 31.4(b), 31.5(b), and 31.6(b), effective for taxable years beginning on or after January 1, 2007, reenacted subdivision (b)(7); and added subdivisions (b)(9) and (b)(10). Session Laws 2012-79, s. 2.6, effective June 26, 2012, added subdivision (b)(11). Session Laws 2013-316, s. 1.3(f), effective for taxable years beginning on or after January 1, 2014, rewrote subsection (b). Session Laws 2013-364, s. 3, effective for taxable years beginning on or after January 1, 2014, repealed subdivision (b)(11). Session Laws 2018-5, s. 38.10( l ), effective June 12, 2018, deleted "and G.S. 105-153.10 " following "G.S. 105-153.9" in subsection (b).