Tax News

CCH (cch.taxgroup.com) reports:

Budget clean-up legislation expands the types of construction costs eligible for the railroad intermodal facilities credit against North Carolina personal income tax, corporate income tax, and franchise tax to include the costs of constructing and equipping rail tracks to the railroad intermodal facility that are necessary to access and support facility operations, effective for taxable years beginning after 2006. An additional amendment changes the effective date for the mandate for the North Carolina Department of Revenue to publish the availability of the earned income tax credit against personal income taxes in the North Carolina individual income tax booklets from taxable years beginning on or after January 1, 2007, to taxable years beginning on or after January 1, 2008.
Changes to sales and use tax provisions are covered in a related story. (TAXDAY, 2007/08/09, S.14)
Ch. 345 (H.B. 714), Laws 2007, effective as noted above.