Section 105-129.35 - Credit for rehabilitating income-producing historic structure(a) Credit. - A taxpayer who is allowed a federal income tax credit under section 47 of the Code for making qualified rehabilitation expenditures for a certified historic structure located in this State is allowed a credit equal to twenty percent (20%) of the expenditures that qualify for the federal credit. If the certified historic structure is a facility that at one time served as a State training school for juvenile offenders, the amount of the credit is equal to forty percent (40%) of the expenditures that qualify for the federal credit. To claim the credit allowed by this subsection, the taxpayer must provide a copy of the certification obtained from the State Historic Preservation Officer verifying that the historic structure has been rehabilitated in accordance with this subsection.(b) Notwithstanding the provisions of G.S. 105-131.8 and G.S. 105-269.15, a pass-through entity that qualifies for the credit provided in this section may allocate the credit among any of its owners in its discretion as long as an owner's adjusted basis in the pass-through entity, as determined under the Code, at the end of the taxable year in which the certified historic structure is placed in service, is at least forty percent (40%) of the amount of credit allocated to that owner. Owners to whom a credit is allocated are allowed the credit as if they had qualified for the credit directly. A pass-through entity and its owners must include with their tax returns for every taxable year in which an allocated credit is claimed a statement of the allocation made by the pass-through entity and the allocation that would have been required under G.S. 105-131.8 or G.S. 105-269.15.(c) Definitions. - The following definitions apply in this section: (1) Certified historic structure. - Defined in section 47 of the Code.(2) Pass-through entity. - Defined in G.S. 105-228.90.(3) Qualified rehabilitation expenditures. - Defined in section 47 of the Code.(4) State Historic Preservation Officer. - Defined in G.S. 105-129.36.N.C. Gen. Stat. § 105-129.35
Amended by 2007 N.C. Sess. Laws 461,s. 1, eff. 8/28/2007.Amended by 2006 N.C. Sess. Laws 40,s. 2, eff. 1/1/2006.Amended by 2004 N.C. Sess. Laws 0170, s. 14, eff. 8/2/2004.Amended by 2003 N.C. Sess. Laws 0284, s. 35A.1, eff. 7/15/2003.Amended by 2003 N.C. Sess. Laws 0415, s.2, eff. 1/1/2003 and s. 1 eff. 8/14/2003.Amended by 2003 N.C. Sess. Laws 0416, s. 4.(c), eff. 8/14/2003.Amended by 2001-476, s. 19(a), eff. 11/29/2001.1993, c. 527, ss.1, 2; 1997-139, ss. 1, 2; 1998-98, ss. 36, 69; 1999-389, ss. 2, 5, 6. The repeal of the amendment of this section by 1999-389 was eliminated by 2007 N.C. Sess. Laws 461,s. 1, eff. 8/28/2007. 2006 N.C. Sess. Laws 40,s. 5, states, "This act is effective for taxable years beginning on or after January 1, 2006, and applies to eligible sites placed into service on or after July 1, 2006."