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Post details: North Carolina --Multiple Taxes: Threshold Criteria for Credits for Growing Businesses Clarified
09/07/07
North Carolina --Multiple Taxes: Threshold Criteria for Credits for Growing Businesses Clarified
CCH (cch.taxgroup.com) reports:
Effective August 31, 2007, in determining whether a business has satisfied the threshold criteria for qualifying for the jobs creation credit or the business property investment credit against North Carolina corporate franchise or income taxes, personal income tax, or insurance gross premium tax, taxpayers may not aggregate the number of jobs created or business property placed in service in an urban progress zone or an agrarian growth zone with jobs created or business property placed in service at any other eligible establishments. Previously, such taxpayers could aggregate the jobs created or business property placed in service in business establishments located in the same county.
In addition, documentation supporting a taxpayer's eligibility for the oyster shell recycling credit against corporate income and personal income taxes need only be attached to a taxpayer's return if requested. Previously, certification by the North Carolina Department of Environment and Natural Resources was required to be attached to the return.
Ch. 527 (S.B. 540), Laws 2007, effective August 31, 2007.
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