Corporate Income Tax

Article 4, Part 1 – Corporation Income Tax and Part 1A – S Corporation Income Tax

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Part 1. Corporation Income Tax

105-130 Short title
105-130.1 Purpose
105-130.2 Definitions
105-130.3 Corporations
105-130.3C Rate reduction trigger
105-130.4 Allocation and apportionment of income for corporations
105-130.5 Adjustments to federal taxable income in determining State net income
105-130.5A Secretary’s authority to adjust net income or require a combined return
105-130.5B Adjustments when State decouples from federal accelerated depreciation and expensing
105-130.6A Adjustments for expenses related to dividends
105-130.7A Royalty income reporting option
105-130.8 Net economic loss
105-130.9 Contributions
105-130.10 Amortization of air-cleaning devices, waste treatment facilities and recycling facilities
105-130.10A Amortization of equipment mandated by OSHA
105-130.11 Conditional and other exemptions
105-130.12 Real estate investment trusts
105-130.14 Corporations filing consolidated returns for federal tax purposes
105-130.15 Basis of return of net income
105-130.16 Returns
105-130.17 Time and place of filing returns
105-130.19 When tax must be paid
105-130.20 Federal corrections
105-130.21 Information at source return
105-130.25 Credit against corporate income tax for construction of cogenerating power plants
105-130.45 Credit for manufacturing cigarettes for export
105-130.46 Credit for manufacturing cigarettes for exportation while increasing employment and utilizing State Ports
105-130.47 Credit for qualifying expenses of a production company


Part 1A. S Corporation Income Tax

105-131 Title; definitions; interpretation
105-131.1 Taxation of an S Corporation and its shareholders
105-131.2 Adjustment and characterization of income
105-131.3 Basis and adjustments
105-131.4 Carryforwards; carrybacks; loss limitation
105-131.5 Part-year resident shareholder
105-131.6 Distributions
105-131.7 Returns; shareholder agreements; mandatory withholding
105-131.8 Tax credits


Other Tax Credits Allowed Against Corporation Income Tax

Article 3B – Business and Energy Tax Credits
Article 3C – Tax Incentives for Recycling Facilities
Article 3D – Historic Rehabilitation Tax Credits
Article 3E – Low-Income Housing Tax Credits
Article 3F – Research and Development
Article 3H – Mill Rehabilitation Tax Credit
Article 3J – Tax Credits for Growing Businesses
Article 3K – Tax Incentives for Railroad Intermodal Facilities