A BILL TO BE ENTITLED
AN ACT to change the requirements regarding how a pass‑through entity may allocate a housing tax credit to its owners.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑129.16B(b1) reads as rewritten:
"(b1)	Allocation. – Notwithstanding the provisions of G.S. 105‑131.8 and G.S. 105‑269.15, a pass‑through entity that qualifies for the credit provided in this section may allocate the credit among any of its owners in its discretion. Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly. A pass‑through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass‑through entity and the allocation that would have been required under G.S. 105‑131.8 or G.S. 105‑269.15."
SECTION 2.  This act is effective for taxable years beginning on or after January 1, 2002.