North Carolina § 105-129 - 52. (See note for repeal) Tax election; cap.

§ 105-129. 52. (See note for repeal) Tax election; cap.

Tax Election. - A credit allowed in this Article 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 credit is first claimed. This election is binding. Any carryforwards of a credit must be claimed against the same tax. Cap. - A credit allowed in this Article may not exceed fifty percent (50%) of the amount of tax against which it is claimed for the taxable year, reduced by the sum of all other credits allowed against that tax, except tax payments made by or on behalf of the taxpayer. This limitation applies to the cumulative amount of credit, including carryforwards, claimed by the taxpayer under this Article against each tax for the taxable year. Any unused portion of a credit allowed in this Article may be carried forward for the succeeding 15 years. History (2004-124, s. 32D.2; 2010-96, s. 40.3; 2010-147, s. 3.4.) Article has a Delayed Repeal Date. - For delayed repeal of Article 3F, see G.S. 105-129.51(b) . Editor's Note. - Session Laws 2010-147, s. 3.4, stated in its prefatory language that "G.S. 150-129.52 reads as rewritten." The prefatory language was amended by Session Laws 2010-96, s. 40.3, to read "G.S. 105-129.52 reads as rewritten." Session Laws 2010-96, s. 40.3 was contingent upon House Bill 1973, 2009 Regular Session, becoming law. House Bill 1973 was enacted as Session Laws 2010-147. Effect of Amendments. - Session Laws 2010-147, s. 3.4, as amended by Session Laws 2010-96, s. 40.3, effective July 20, 2010, substituted "A credit" for "The credit" at the beginning of subsection (a).