Sunset for Tax Credits – Effect on Future Installments and Carryforwards

Many of the business and energy tax credits available to individuals are repealed or are designated for sunset.  Please refer to each specific Article for details.  A taxpayer that qualified for a tax credit that has expired or sunset may continue to take any remaining installments or carryovers in 2020 if the taxpayer continues to meet the statutory eligibility requirements previously required of each particular tax credit.  In most cases, the Form NC-478 series is used to calculate and report business incentive and energy tax credits, less the sum of all other credits that the taxpayer claims.