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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.

The credit for investing in business 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-478K apply to taxpayers that continue to take installments of the credit and any unused portion of prior years’ credits.

The credit for creating jobs expired for taxable years beginning on or after January 1, 2014. These instructions for completing Part 2 and Part 3 of Form NC-478J apply to taxpayers that continue to take installments of the credit and any unused portion of prior years’ credits.

2017 NC-478 Instructions for NC-478 Series

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 of the form.

These instructions do not cover all provisions of the law. See North Carolina General Statutes 105-129.105 through 105.129.110 for additional information. 

A taxpayer claiming a credit under Article 3L must complete the NC-Rehab form and place it on the front of the completed tax return. In addition, in order to take the tax credit, a taxpayer must complete and attach any necessary tax credit summary form, i.e. Form CD-425 (Corporate Tax Credit Summary), Form D-400TC (Individual Income Tax Credits), or Form 403TC (Partnership Tax Credit Summary). Important. Failure to include a Form NC-Rehab with your tax return may result in the disallowance of these tax credits.  

The credit for investing in real property was repealed effective for business activities that occurred on or after January 1, 2014.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The credit for investing in business property was repealed effective for business activities that occurred on or after January 1, 2014.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-478K.

The credit for creating jobs was repealed effective for business activities that occurred on or after January 1, 2014.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 2 and 3 of Form NC-478J.

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