GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	1 

SENATE BILL 841

Short Title:  Expand Subsidiary Dividend Deduction.	(Public)

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Sponsors: Senators Hoyle; and Kerr.

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Referred to:  Finance.

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April 15, 1997

A BILL TO BE ENTITLED
AN ACT TO ALLOW FOREIGN CORPORATIONS TO DEDUCT EXPENSES RELATED TO DEDUCTIBLE SUBSIDIARY DIVIDENDS TO THE SAME EXTENT AS NORTH CAROLINA CORPORATIONS.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.7(4) reads as rewritten:
"(4)	A corporation may deduct all dividends received from corporations in which it owns more than fifty percent (50%) of the outstanding voting stock."
Section 2.  This act is effective for taxable years beginning on or after January 1, 1997.