GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	2
HOUSE BILL 1388
Committee Substitute Favorable 8/23/01 

Short Title:	Extend Sunset on State Ports Tax Credit.	()	
Sponsors:	     	
Referred to:	     	
April 26, 2001

A BILL TO BE ENTITLED
AN ACT TO EXTEND THE SUNSET ON THE STATE PORTS TAX CREDITS AND TO EXCLUDE WOOD CHIPS FROM THE STATE PORTS TAX CREDITS. 

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 and by Section 29.1 of S.L. 1997‑443, reads as rewritten:
"Sec. 4. This act is effective for taxable years beginning on or after March 1, 1992 and expires for taxable years beginning on or after January 1, 2006."
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, by Section 4 of Chapter 495 of the 1995 Session Laws, and by Section 29.1 of S.L. 1997‑443, reads as rewritten:
"Sec. 4. This act is effective for taxable years beginning on or after January 1, 1994 and expires for taxable years beginning on or after January 1, 2006."
SECTION 3.  G.S. 105‑130.41(a), as reenacted by Section 1 of this act, reads as rewritten:
"(a)	Credit. – A taxpayer whose waterborne cargo is loaded onto or unloaded from an ocean carrier calling at the State‑owned port terminal at Wilmington or Morehead City, without consideration of the terms under which the cargo is moved, is allowed a credit against the tax imposed by this Part. The amount of credit allowed is equal to the excess of the wharfage, handling (in or out), and throughput charges assessed on the cargo for the current taxable year over an amount equal to the average of the charges for the current taxable year and the two preceding taxable years. The credit applies to forest products other than wood chips, break‑bulk cargo, and container cargo, including less‑than‑container‑load cargo, that is loaded onto or unloaded from an ocean carrier calling at either the Wilmington or Morehead City port terminal and to bulk cargo that is loaded onto or unloaded from an ocean carrier calling at the Morehead City port terminal. To obtain the credit, taxpayers must provide to the Secretary a statement from the State Ports Authority certifying the amount of charges for which a credit is claimed and any other information required by the Secretary."
SECTION 4.  G.S. 105‑151.22(a), as reenacted by Section 2 of this act, reads as rewritten:
"(a)	Credit. – A taxpayer whose waterborne cargo is loaded onto or unloaded from an ocean carrier calling at the State‑owned port terminal at Wilmington or Morehead City, without consideration of the terms under which the cargo is moved, is allowed a credit against the tax imposed by this Part. The amount of credit allowed is equal to the excess of the wharfage, handling (in or out), and throughput charges assessed on the cargo for the current taxable year over an amount equal to the average of the charges for the current taxable year and the two preceding taxable years. The credit applies to forest products other than wood chips, break‑bulk cargo, and container cargo, including less‑than‑container‑load cargo, that is loaded onto or unloaded from an ocean carrier calling at either the Wilmington or Morehead City port terminal and to bulk cargo that is loaded onto or unloaded from an ocean carrier calling at the Morehead City port terminal. To obtain the credit, taxpayers must provide to the Secretary a statement from the State Ports Authority certifying the amount of charges for which a credit is claimed and any other information required by the Secretary."
SECTION 5.  This act is effective for taxable years beginning on or after March 2, 2000.