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2019 Economic Incentives Report: Constructing Renewable Fuel Facilities (Article 3B)

2019 Economic Incentives Report: Creating Jobs (Article 3A); Machinery and Equipment Investment (Article 3A); Research and Development (Article 3A); Investing in Central Office or Aircraft Facility (Article 3A); Technology Commercialization (Article 3A); Substantial Investment in Other Property (Article 3A)

Franchise Tax, Corporate Income Tax, and Insurance Premium Tax Rules and Bulletin Reflecting Changes Made in the 2018 Regular Session of the North Carolina General Assembly.

The credit for investing in real property was repealed effective for business activities that occurred on or after January 1, 2014. Taxpayers may continue to take the remaining installments and carryforwards of prior years’ credits by completing Parts 3 and 4 of Form NC-478L.

The credit for investing in real property expired for taxable years beginning on or after January 1, 2014. The following instructions for completing Part 3 and Part 4 of Form NC-478L apply to taxpayers that continue to take installments of the credit and any unused portion of prior years’ credits.

IMPORTANT: DELAYED SUNSET. For most taxpayers, the credit for investing in renewable energy property was repealed effective for renewable energy property placed in service on or after January 1, 2016. Taxpayers that met the requirements of G.S. 105-129.16A(f) qualified for a one-year extension of the sunset date for renewable energy property placed in service before January 1, 2017.

DELAYED SUNSET. For most taxpayers, the credit for investing in renewable energy property was repealed effective for renewable energy property placed in service on or after January 1, 2016. Taxpayers that met the requirements of G.S. 105-129.16A(f) qualified for a one-year extension of the sunset date for renewable energy property placed in service before January 1, 2017.

Most of the tax credits on Form NC-478 expired on or before January 1, 2016. Taxpayers may continue to take the remaining installments and carryforwards of prior years' credits in Part 1.

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