GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	3
HOUSE BILL 146
Committee Substitute Favorable 3/19/01 
Third Edition Engrossed 4/11/01

Short Title:	Modify Partnership Tax Credit.	()	
Sponsors:	     	
Referred to:	     	
February 19, 2001

A BILL TO BE ENTITLED
AN ACT to modify the pass-through distribution of partnership income tax credits.

The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑269.15(a) reads as rewritten:
"(a)	Pass‑Through of Credit. – A partnership may pass through to each of its partners the partner's distributive share of an income tax credit for which the partnership qualifies. Except as otherwise provided in this Chapter, all limitations on an income tax credit apply to the partnership, except the 	limitation that the credit may not exceed the amount of tax 	or a specific percentage of tax imposed on the taxpayer for the taxable year. In addition, a cap on the otherwise allowable amount of the credit expressed as a specific maximum dollar amount does not apply to a partnership that qualifies for a credit under G.S. 105-151.12."
SECTION 2.  G.S. 105-269.15(a), as amended by Section 1 of this act, reads as rewritten:
"(a)	Pass-Through of Credit. – A partnership may pass through to each of its partners the partner's distributive share of an income tax credit for which the partnership qualifies. Except as otherwise provided in this Chapter, all limitations on an income tax credit apply to the partnership, except the limitation that the credit may not exceed the amount of tax or a specific percentage of tax imposed on the taxpayer for the taxable year. "
SECTION 3.  Section 1 of this act is effective for taxable years beginning on or after January 1, 2002. Section 2 of this act is effective for taxable years beginning on or after January 1, 2005. The remainder of this act is effective when it becomes law.