§ 105-129.75 — Sunset and applicable expenditures

North Carolina § 105-129.75

• Jurisdiction: North Carolina
• Ch. 105: Taxation
• Art. 3H: Mill Rehabilitation Tax Credit
• Subch. I: LEVY OF TAXES

Text

(a) Sunset. - Except for credits allowed under G.S. 105-129.71(a1), this Article expires, and a tax credit allowed under G.S. 105-129.71(a) may not be claimed, for rehabilitation projects not completed and placed in service prior to January 1, 2030.
(b) Delayed Sunset and Applicable Expenditures. - For credits allowed under G.S. 105-129.71(a1), the following applies:
(1) The qualified rehabilitation expenditures must be incurred on or after January 1, 2019, and before January 1, 2030.
(2) This Article expires, and a tax credit allowed under G.S. 105-127.71(a1) may not be claimed, for rehabilitation projects not completed and placed in service prior to January 1, 2030. (2006-40, s. 1; 2008-107, s. 28.4(d); 2010-31, s. 31.5(a); 2012-36, s. 12(b); 2015-241, s. 32.3(b); 2019-237, s. 3(d); 2021-180, s. 42.7(a).)
§ 105-129.75A. (See note for repeal) Report.
The Department must include in the economic incentives report required by G.S. 105-256 the following information itemized by taxpayer:
(1) The number of taxpayers that took the credits allowed in this Article.
(2) The amount of rehabilitation expenses and qualified rehabilitation expenditures with respect to which credits were taken.
(3) The total cost to the General Fund of the credits taken. (2010-166, s. 1.8; 2021-180, s. 42.7(a).)