GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 1997
SESSION LAW 1998-100
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-151.1 reads as rewritten:
"§
105-151.1. Tax credit Credit for construction of dwelling
units for handicapped persons.
There is allowed to resident owners An owner of
multifamily rental units located in this State as is allowed a
credit against the tax imposed by this Division an amount equal to five
hundred fifty dollars ($550.00) for each dwelling unit constructed by the resident
owner that conforms to Volume I-C of the North Carolina Building Code for
the taxable year within which the construction of the dwelling unit is
completed. The credit is allowed only for dwelling units completed during
the taxable year that were required to be built in compliance with Volume I-C
of the North Carolina Building Code. If the credit allowed by this
section exceeds the tax imposed by this Division reduced by all other credits
allowed, the excess may be carried forward for the next succeeding year.
In order to claim the credit allowed by this section, the taxpayer shall
file with its must file with the income tax return a copy of the
occupancy permit on the face of which is recorded by the building inspector the
number of units completed during the taxable year that conform to Volume I-C of
the North Carolina Building Code. After recording the number of these
units on the face of the occupancy permit, the building inspector shall
promptly forward a copy of the permit to the Building Accessibility Section of
the Department of Insurance."
Section 2. G.S. 105-151.11(c) reads as rewritten:
"(c) Limitations. - A
nonresident or part-year resident who claims the credit allowed by this section
shall reduce the amount of the credit by multiplying it by the fraction
calculated under G.S. 105-134.5(b) or (c), as appropriate. No credit
shall be allowed under this section for amounts deducted from gross income in
calculating taxable income under the Code. The credit allowed by this
section may not exceed the amount of tax imposed by this Division for the
taxable year reduced by the sum of all credits allowable under this Division,
except for payments of tax made by or on behalf of the taxpayer. No
credit shall be allowed under this section with respect to employment-related
expenses paid by a nonresident of this State."
Section 3. This act is effective for taxable years beginning on or after January 1, 1998.
In the General Assembly read three times and ratified this the 6th day of August, 1998.
s/ Dennis A. Wicker
President of the Senate
s/ Harold J. Brubaker
Speaker of the House of Representatives
s/ James B. Hunt, Jr.
Governor
Approved 2:00 p.m. this 17th day of August, 1998