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The Personal Taxes Bulletin was prepared for the purpose of presenting the administrative interpretation and application of North Carolina income tax laws relating to individuals, partnerships, S corporations, estates, trusts, and income tax withholding in effect at the time of publication. This publication supplements the information in the Administrative Rules but does not supersede the Administrative Rules. In addition, this bulletin does not cover all provisions of the law.

2019 NC K-1 D403 Partner's Share of North Carolina Income, Adjustments, and Credits

2019 D-403TC Partnership Tax Credit Summary

2019 D-403 Partnership Income Tax Return

The credit for investing in real property was repealed effective for business activities that occurred on or after January 1, 2014.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 For most taxpayers, the credit for investing in renewable energy property was repealed effective for renewable energy property placed in service on or after January 1, 2016.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 For most taxpayers, the credit for investing in renewable energy property was repealed effective for renewable energy property placed in service on or after January 1, 2016.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.

2018 NC-478 Pass-through Schedule for NC-478 Series

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