Tax Credits Tax Credits (G.S. 105-228.5A, G.S. 97-29.1, Article 3A, Article 3H, and Article 3J of Chapter 105) 1. Guaranty Assessment Credits North Carolina Guaranty Association assessments paid by insurers may be used as a credit against premium tax. The credit is twenty percent (20%) per year for a period of five years beginning with the year after payment of the assessment. The credit applies to all Insurance Guaranty Association and Life and Accident and Health Insurance Guaranty Association assessments paid. The credit may not exceed the premium tax liability for the year. Self-Insured Guaranty Association assessments paid may be applied as a hundred percent (100%) credit for the year in which it is paid. 2. Supplemental Workers’ Compensation Credits Supplemental workers’ compensation benefits paid to NC residents may be applied as a credit. 3. Tax Credit for Low-income Housing Effective for taxable years beginning on or after January 1, 2001, for buildings placed in service on or after that date, the tax credit for low-income housing may be taken against gross premium tax. See G.S. 105-129.40 – G.S. 105-129.45 for information about this credit. This credit is repealed effective January 1, 2015. 4. Tax Credit for Mill Rehabilitation The tax credit for mill rehabilitation may be taken against gross premium tax. See G.S. 105-129.70 – G.S. 105-129.75A for information on this credit. This credit expires January 1, 2015, for rehabilitation projects for which an application for an eligibility certification is submitted on or after that date. 5. Tax Credit for Growing Businesses The tax credits for growing businesses may be taken against gross premium tax. See G.S. 105-129.80 – G.S. 105-129.89 for information on the credits. The credits are repealed effective for business activities that occur on or after January 1, 2014. 6. Tax Credit for Investing in Renewable Energy Property The tax credit for investing in renewable energy property may be taken against gross premium tax. See G.S. 105-129.16A for information on this credit. This credit is repealed effective for renewable energy property placed into service on or after January 1, 2016.
Tax Credits Tax Credits (G.S. 105-228.5A, G.S. 97-29.1, Article 3A, Article 3H, and Article 3J of Chapter 105) 1. Guaranty Assessment Credits North Carolina Guaranty Association assessments paid by insurers may be used as a credit against premium tax. The credit is twenty percent (20%) per year for a period of five years beginning with the year after payment of the assessment. The credit applies to all Insurance Guaranty Association and Life and Accident and Health Insurance Guaranty Association assessments paid. The credit may not exceed the premium tax liability for the year. Self-Insured Guaranty Association assessments paid may be applied as a hundred percent (100%) credit for the year in which it is paid. 2. Supplemental Workers’ Compensation Credits Supplemental workers’ compensation benefits paid to NC residents may be applied as a credit. 3. Tax Credit for Low-income Housing Effective for taxable years beginning on or after January 1, 2001, for buildings placed in service on or after that date, the tax credit for low-income housing may be taken against gross premium tax. See G.S. 105-129.40 – G.S. 105-129.45 for information about this credit. This credit is repealed effective January 1, 2015. 4. Tax Credit for Mill Rehabilitation The tax credit for mill rehabilitation may be taken against gross premium tax. See G.S. 105-129.70 – G.S. 105-129.75A for information on this credit. This credit expires January 1, 2015, for rehabilitation projects for which an application for an eligibility certification is submitted on or after that date. 5. Tax Credit for Growing Businesses The tax credits for growing businesses may be taken against gross premium tax. See G.S. 105-129.80 – G.S. 105-129.89 for information on the credits. The credits are repealed effective for business activities that occur on or after January 1, 2014. 6. Tax Credit for Investing in Renewable Energy Property The tax credit for investing in renewable energy property may be taken against gross premium tax. See G.S. 105-129.16A for information on this credit. This credit is repealed effective for renewable energy property placed into service on or after January 1, 2016.
