GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	2 

HOUSE BILL 119*
Committee Substitute Favorable 5/28/97

Short Title:  Remove Sunset/Ports Tax Credit.	(Public)

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Sponsors:

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Referred to:  

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February 12, 1997

A BILL TO BE ENTITLED
AN ACT TO IMPLEMENT THE RECOMMENDATION OF THE STATE PORTS STUDY COMMISSION TO REMOVE THE SUNSET ON THE STATE PORTS TAX CREDIT AND TO RAISE THE MAXIMUM CUMULATIVE CREDIT TO TWO MILLION DOLLARS.
The General Assembly of North Carolina enacts:
Section 1.  Section 4 of Chapter 977 of the 1991 Session Laws, as amended by Section 3 of Chapter 495 of the 1995 Session Laws, reads as rewritten:
"Sec. 4.  This act is effective for taxable years beginning on or after March 1, 1992."
Section 2.  Section 4 of Chapter 681 of the 1993 Session Laws, as amended by Section 17 of Chapter 17 of the 1995 Session Laws and by Section 4 of Chapter 495 of the 1995 Session Laws, reads as rewritten:
"Sec. 4.  This act is effective for taxable years beginning on or after January 1, 1994."
Section 3.  G.S. 105-151.22(b) reads as rewritten:
"(b)	Limitations. – This credit may not exceed fifty percent (50%) of the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five years. The maximum cumulative credit that may be claimed by a taxpayer under this section is two million dollars ($2,000,000)."
Section 4.  This act is effective when it becomes law.