GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	1
HOUSE BILL 1231
     

 
Short Title:	Amend Apportionment Formula.	()	
Sponsors:	Representative Hensley.	
Referred to:	Finance.	
April 12, 2001

A BILL TO BE ENTITLED
AN ACT TO AMEND THE FORMULA USED TO APPORTION THE INCOME OF MULTISTATE CORPORATIONS TO THIS STATE BY ELIMINATING THE DOUBLE-WEIGHTED SALES FACTOR. 

The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑130.4(i) reads as rewritten:
"(i)	All business income of corporations other than public utilities and excluded corporations shall be apportioned to this State by multiplying the income by a fraction, the numerator of which is the property factor plus the payroll factor plus the sales factor, and the denominator of which is three. If one or more of these factors do not exist, the denominator of the fraction shall be the number of existing factors."
SECTION 2.  This act becomes effective for taxable years beginning on or after January 1, 2001.