reglab/statecodes huggingface dataset:
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0300 - ELECTRIC: POWER: GAS: WATER AND SEWERAGE COMPANIES › Section 05B .0301-.0305

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-116;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. October 23, 1977;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0400 - PULLMAN: SLEEPING: CHAIR AND DINING CARS › Section 05B .0401-.0402

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-117;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0400 - PULLMAN: SLEEPING: CHAIR AND DINING CARS › Section 05B .0403 - REPEALED - FORM TO BE USED FOR FILING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-117;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. December 1, 1997.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0500 - EXPRESS COMPANIES › Section 05B .0501-.0502

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-118;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0500 - EXPRESS COMPANIES › Section 05B .0503 - REPEALED - FORM TO BE USED FOR FILING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-118;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. December 1, 1997.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0600 - TELEGRAPH COMPANIES › Section 05B .0601-.0602

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-119;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0600 - TELEGRAPH COMPANIES › Section 05B .0603 - REPEALED - FORM TO BE USED FOR FILING

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-119;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. July 1, 2000.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0700 - TELEPHONE COMPANIES › Section 05B .0701-.0704

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0800 - STREET TRANSPORTATION COMPANIES › Section 05B .0801-.0802

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.1;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0800 - STREET TRANSPORTATION COMPANIES › Section 05B .0803 - REPEALED - CORPORATION BILLED FOR THE TAX

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.1;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. July 1, 2000.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0900 - MUTUAL BURIAL ASSOCIATION › Section 05B .0901-.0902

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-121.1;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .0900 - MUTUAL BURIAL ASSOCIATION › Section 05B .0903 - REPEALED - CORPORATION BILLED FOR THE TAX

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-121.1;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. July 1, 2000.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1000 - GENERAL BUSINESS CORPORATIONS › Section 05B .1001-.1006

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1101-.1103

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.2;
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1104 - EXCLUSION OF RETAINED EARNINGS BY PARENT CORPORATION

Current through Register Vol. 39, No. 2, July 15, 2024
A parent corporation may exclude any retained earnings of existing
													 subsidiary corporations which it has capitalized or otherwise recorded on its books from the calculation of
													 the capital stock, surplus and undivided profits base under
													 G.S.
													 105-122.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1105 - INVESTMENT IN SUBSIDIARY

Current through Register Vol. 39, No. 2, July 15, 2024
For purposes of
													 G.S.
													 105-122, the net worth base shall not be reduced by the amount invested in
													 a subsidiary.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. July 1, 1999; January 1, 1994;
Readopted Eff. May 1, 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1106-.1107

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1108 - EXCLUSION PROVISION LIMITED TO INDEBTEDNESS OWED

Current through Register Vol. 39, No. 2, July 15, 2024
The exclusion from the net worth base of indebtedness owed that is
													 permitted the debtor corporation and the deduction permitted the creditor corporation in
													 G.S.
													 105-122 are applicable only to indebtedness owed to or due from a parent,
													 subsidiary, or affiliated corporation. These provisions do not apply where the indebtedness is only endorsed
													 or guaranteed.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Readopted Eff. May 1, 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1109 - EQUITY CAPITAL NOT DEDUCTIBLE

Current through Register Vol. 39, No. 2, July 15, 2024
The equity capital of a wholly owned subsidiary does not represent
													 "indebtedness" owed to a parent corporation which the parent is entitled to deduct from its franchise tax
													 base.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Pursuant to G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1110 - RECIPROCAL INDEBTEDNESS BETWEEN AFFILIATES

Current through Register Vol. 39, No. 2, July 15, 2024
A corporation that owes indebtedness to a parent, subsidiary, or
													 affiliated corporation and at the same time is owed indebtedness by the same parent, subsidiary, or
													 affiliated corporation shall net the payable and receivable for purposes of the indebtedness computation in
													 arriving at the net worth base under G.S. 105-122. If the indebtedness is owed to one corporation
													 and the receivable is due from another corporation, each amount shall be treated
													 separately.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Readopted Eff. May 1, 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1111 - REPEALED - INDEBTEDNESS DEFINED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 1, 1993.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1112 - REPEALED - BORROWED CAPITAL DEFINED

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. November 2, 1992;
Repealed Eff. July 1, 2000.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1113-.1114

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.2;
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1100 - CAPITAL STOCK: SURPLUS AND UNDIVIDED PROFITS BASE › Section 05B .1115 - EXPIRED - CASH BASIS CORPORATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-258;
Eff. April 1, 1991;
Expired
													 Eff. September 1, 2017 pursuant to G.S. 150B-21.3A.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1200 - MULTISTATE CORPORATIONS › Section 05B .1201-.1202

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. October 23, 1977;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1301 - REPEALED - BASIS FOR THE INVESTMENT BASE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1302 - WHAT IS INCLUDABLE IN THE INVESTMENT BASE

Current through Register Vol. 39, No. 2, July 15, 2024
For purposes of
													 G.S.
													 105-122, all tangible assets located in North Carolina shall be included in
													 the Tangible Property Base at book value (original purchase price less reserve for depreciation permitted for
													 income tax purposes). Typical items of tangible property would include: inventory, consigned inventories to
													 be included by consignor, machinery and equipment, furniture and fixtures, containers, tools and supplies,
													 land, buildings, leasehold improvements, and all other tangible assets.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1303 - TREATMENT OF CONSTRUCTION IN PROGRESS

Current through Register Vol. 39, No. 2, July 15, 2024
Construction in progress is excluded from the tangible properties
													 base in G.S.
													 105-122 only if such property is not owned by the corporation filing the
													 return.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1304 - REPEALED - CARRIER OPERATIONS PROPERTY EXEMPT FROM INVESTMENT BASE

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. October 1, 1998.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1305 - REPEALED - INDEBTEDNESS DEDUCTION

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1306 - EXPIRED - REFINANCING OF A LOAN

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994; October 31, 1981;
Expired Eff. September 1, 2017 pursuant to
													 G.S.
													 150B-21.3A.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1307-.1308

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1309 - DETERMINATION OF INCLUSION BY DEPRECIATION

Current through Register Vol. 39, No. 2, July 15, 2024
When two or more corporations are in doubt as to which should
													 include property in the investment in tangible property base pursuant to
													 G.S.
													 105-122, such property shall be included by the corporation allowed
													 depreciation under the Internal Revenue Code.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1300 - INVESTMENT IN TANGIBLE PROPERTIES IN NORTH CAROLINA BASE › Section 05B .1310 - REPEALED - NO LIMITATION ON HOLDING COMPANIES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.2;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 1, 1993.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1400 - APPRAISED VALUATION OF TANGIBLE AND INTANGIBLE PROPERTY BASE › Section 05B .1401 - REPEALED - BASIS FOR TANGIBLE PROPERTY

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1400 - APPRAISED VALUATION OF TANGIBLE AND INTANGIBLE PROPERTY BASE › Section 05B .1402 - REPEALED - CARRIER OPERATIONS APPRAISED PROPERTY EXEMPT

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. May 1, 1998.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1400 - APPRAISED VALUATION OF TANGIBLE AND INTANGIBLE PROPERTY BASE › Section 05B .1403-.1404

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1400 - APPRAISED VALUATION OF TANGIBLE AND INTANGIBLE PROPERTY BASE › Section 05B .1405 - REPEALED - NO LIMITATION ON HOLDING COMPANIES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-120.2;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 1, 1993.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1400 - APPRAISED VALUATION OF TANGIBLE AND INTANGIBLE PROPERTY BASE › Section 05B .1406 - INVESTMENT BASE PROPERTY INCLUDED

Current through Register Vol. 39, No. 2, July 15, 2024
A corporation including property in the investment in tangible
													 property base shall also include the value of this property in the appraised valuation base, except for
													 property acquired in the current tax year and not yet assessed for North Carolina property tax
													 purposes.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Readopted Eff. May 1, 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1500 - CHANGE OF INCOME YEAR › Section 05B .1501 - COMPUTATION OF TAX

Current through Register Vol. 39, No. 2, July 15, 2024
A change in income year automatically establishes a new franchise
													 year. A combined franchise and income tax return is required for the short income period. Credit is permitted
													 on such return against the franchise tax to the extent that the new franchise year overlaps the old
													 year.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. October 31, 1981;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1500 - CHANGE OF INCOME YEAR › Section 05B .1502 - COMPUTATION OF TAX WHEN MERGER IS INVOLVED

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Since franchise tax is prepaid, a special
											  computation is sometimes required to prevent a duplication of tax when two, or more, corporations with
											  different income years merge or otherwise transfer the entire assets from one corporation to the
											  other.
(b) The surviving corporation shall be allowed to deduct
											  from franchise tax computed on an annual basis the amount of franchise tax paid by the submerged corporation
											  applicable to the period that overlaps the surviving corporation's income year.
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994; October 31, 1981;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1600 - NEW CORPORATIONS › Section 05B .1601-.1602

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-123;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1700 - CORPORATIONS CONDITIONALLY OR PARTIALLY EXEMPT › Section 05B .1701-.1702

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-125;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1700 - CORPORATIONS CONDITIONALLY OR PARTIALLY EXEMPT › Section 05B .1703 - REPEALED - FRANCHISE MOTOR CARRIERS

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-122;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Repealed Eff. May 1, 1998.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter B - FRANCHISE TAX › Section .1700 - CORPORATIONS CONDITIONALLY OR PARTIALLY EXEMPT › Section 05B .1704 - REPEALED - REGULATED INVESTMENT COMPANIES

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-125;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0100 - CORPORATIONS SUBJECT TO THE TAX: TAX RATE AND ALLOCATION › Section 05C .0101 - DOMESTIC AND FOREIGN CORPORATIONS REQUIRED TO FILE

Current through Register Vol. 39, No. 2, July 15, 2024
(a) A foreign corporation operating
											  in North Carolina may be liable for income tax even if it is not required to obtain a certificate of
											  authority to do business in North Carolina.
(b) Even for a year
											  in which a domestic corporation or a foreign corporation with a certificate of authority to do business in
											  North Carolina conducted no business activity or did not earn any net income in the State, it must file an
											  income tax return. Entities treated as corporations for federal income tax purposes are also subject to this
											  requirement.
Authority
													 G.S.
													 105-130.3;
													 105-130.4;
													 105-130.16;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994;
Readopted Eff. May 1, 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0100 - CORPORATIONS SUBJECT TO THE TAX: TAX RATE AND ALLOCATION › Section 05C .0102 - DOING BUSINESS DEFINED

Current through Register Vol. 39, No. 2, July 15, 2024
(a) For income tax purposes, the term "doing
											  business" means the operation of any business enterprise or activity in North Carolina for economic gain,
											  including, but not limited to, the following:
(1) the maintenance of an
											  office or other place of business in North Carolina;
(2) the
											  maintenance in North Carolina of an inventory of merchandise or material for sale, distribution or
											  manufacture, regardless of whether kept on the premises of the taxpayer or in a public or rented
											  warehouse;
(3) the selling or distributing of merchandise to
											  customers in North Carolina directly from a com­pany-owned or operated vehicle when title to the
											  merchandise is transferred from the seller or distributor to the customer at the time of the sale or
											  distribution;
(4) the rendering of a service to clients or
											  customers in North Carolina by agents or employees of a foreign corporation;
(5) the owning, renting, or operating of business or income-producing
											  property in North Carolina including, but not limited to, the following:
(A)
											  Realty;
(B) Tangible personal property;
(C) Trademarks, tradenames, franchise rights, computer programs,
											  copyrights, patented processes, licenses.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0100 - CORPORATIONS SUBJECT TO THE TAX: TAX RATE AND ALLOCATION › Section 05C .0103 - CORPORATIONS OPERATING IN INTERSTATE COMMERCE

Current through Register Vol. 39, No. 2, July 15, 2024
The fact that a foreign corporation's activities or operations in
													 North Carolina are a part of its over-all interstate business does not exempt the corporation from income tax
													 liability. A corporation doing business in North Carolina in any of the capacities outlined in Rule .0102
													 ("Doing Business" Defined) is subject to income tax even if its only operations in this state are a part of
													 its interstate business. A foreign corporation not domesticated in North Carolina whose only activity in this
													 state is the solicitation of sales of tangible personal property by either resident or nonresident salesmen
													 is not required to file income tax returns. However, if such a corporation maintains an office or other place
													 of business in North Carolina, or if it owns business property in this state, it is subject to the
													 tax.
Authority
													 G.S.
													 105-130.3;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1995; January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0100 - CORPORATIONS SUBJECT TO THE TAX: TAX RATE AND ALLOCATION › Section 05C .0104-.0108

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-130.3;
													 105-130.4;
													 105-130.17;
													 105-130.22 through
													 105-130.24;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. December 23, 1979; October 23, 1977;
Repealed Eff. October 31,
													 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0200 - TAX CREDIT FOR DWELLING UNITS FOR HANDICAPPED PERSONS › Section 05C .0201-.0203

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-130.22;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. October 4, 1979;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0300 - COMPUTATION OF NET INCOME › Section 05C .0301-.0303

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-130.3;
													 105-130.5;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1980; October 4, 1979; October 23, 1977;
Repealed Eff. October 31,
													 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0300 - COMPUTATION OF NET INCOME › Section 05C .0304 - ATTRIBUTION OF EXPENSES TO NONTAXABLE INCOME

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Direct Expenses - All expenses directly
											  connected with the production of income which is not subject to tax in this State shall be used to compute
											  the net amount of such untaxed income.
(b) Interest Expenses -
											  When a corporation earns income which is not taxed by this State (see examples), or holds property that does
											  or will produce untaxed income, and incurs interest expense which is not specifically related to any
											  particular income or property, it shall attribute a portion of the interest expense to such untaxed income
											  and property in determining taxable income reported to this State. The formula used for computing the amount
											  of interest expense to be attributed to untaxed income and property is as follows:
(1) Value of assets:
(A) Value of the tax
											  return balance sheet of assets which produce or which would produce untaxed income; *
(B) Value of all assets on the tax return balance sheet; **
(C) Determine the ratio or percentage of Subparagraphs (b)(1)(A) to (B) of
											  this Rule.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0401 - NORTH CAROLINA OBLIGATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
Net interest income received by a corporation on obligations of the
													 State of North Carolina and any of its cities, towns or counties is exempt from income taxes imposed by this
													 state.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. April 1, 1991;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0402 - OBLIGATIONS OF OTHER STATES

Current through Register Vol. 39, No. 2, July 15, 2024
Net interest income earned by a corporation on its investments in
													 obligations issued by states and their political subdivisions other than the State of North Carolina,
													 represents taxable income and is subject to this state's income tax.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. April 1, 1991;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0403 - U.S. OBLIGATIONS

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Net interest income earned on bonds, notes,
											  or other obligations of the United States or its possessions is exempt from income taxation in this State so
											  long as interest on obligations of the State of North Carolina and its political subdivisions is exempt from
											  income taxes imposed by the United States. For the interest income to be deductible, the obligation shall be
											  in writing, bear interest, be a binding promise by the United States to pay specific amounts at specific
											  dates, and be specifically authorized by Congress.
(b) Net
											  interest from obligations that are backed, insured, or guaranteed by the United States, but are not direct
											  obligations of the United States Government, shall not be deductible.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1995; April 1, 1991; October 23, 1977;
Readopted Eff. May 1,
													 2018.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0404 - SALES OR EXCHANGES

Current through Register Vol. 39, No. 2, July 15, 2024
(a) Gain or loss realized on the sale or other
											  disposition of any type of obligation of the United States or its possessions, the State of North Carolina
											  (not exempted by the specific obligation), or its political subdivisions, any other state or its political
											  subdivisions, or of any other government is a taxable transaction and must be included in the computation of
											  a corporation's state taxable income.
(b) Gain or loss realized
											  on the sale or other disposition of obligations is not included in taxable income if North Carolina law under
											  which obligations were issued specifically exempts the gain from taxation.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1995;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0405 - OBLIGATIONS OF FEDERAL NATIONAL MORTGAGE ASSOCIATION

Current through Register Vol. 39, No. 2, July 15, 2024
Interest income or other income realized on obligations of Federal
													 National Mortgage Association is taxable income since the obligations are not those of the United
													 States.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. October 23, 1977;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0406 - MORTGAGE BACKED CERTIFICATE GUARANTEED BY GNMA

Current through Register Vol. 39, No. 2, July 15, 2024
Interest paid by the issuer to the holder of a mortgage backed
													 certificate guaranteed by Government National Mortgage Association (GNMA) is not income from an obligation of
													 the United States and is taxable.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. October 23, 1977;
Amended
													 Eff. January 1, 1994;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0400 - INTEREST INCOME ON GOVERNMENT OBLIGATIONS › Section 05C .0407 - REPURCHASE AGREEMENTS

Current through Register Vol. 39, No. 2, July 15, 2024
Income attributable to or received from repurchase agreements of
													 U.S. government securities, an agreement to repurchase securities at an agreed price and date, is not
													 considered income derived directly from federal obligations and is taxable income.
Authority
													 G.S.
													 105-130.5;
													 105-262;
Eff. November 2, 1992;
Pursuant to G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0500 - ALLOCATION AND APPORTIONMENT PROCEDURES › Section 05C .0501-.0502

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 31, 1981.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0600 - TAXABLE IN ANOTHER STATE › Section 05C .0601 - PRELIMINARY STATEMENT

Current through Register Vol. 39, No. 2, July 15, 2024
A taxpayer must have income from business activity taxable by this
													 state and at least one other state, to allocate and apportion income. Income from business activity includes
													 apportionable or nonapportionable income. Thus, if a taxpayer has nonapportionable income taxable by one
													 state and apportionable income taxable by another state, the taxpayer's income shall be allocated and
													 apportioned in accordance with G.S.
													 105-130.4. Where a corporation is not taxable in another state on its
													 apportionable income but is taxable in another state only because of nonapportionable income, all
													 apportionable income shall be attributed to this state.
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 2005;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0600 - TAXABLE IN ANOTHER STATE › Section 05C .0602 - DEFINITION OF TAXPAYER

Current through Register Vol. 39, No. 2, July 15, 2024
The word "taxpayer" includes any corporation subject to the tax
													 imposed by Article 4 of Chapter 105 of the General Statutes.
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Pursuant to G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0600 - TAXABLE IN ANOTHER STATE › Section 05C .0603 - REPEALED - IN GENERAL

Current through Register Vol. 39, No. 2, July 15, 2024
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Repealed Eff. October 1, 1993.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0600 - TAXABLE IN ANOTHER STATE › Section 05C .0604 - WHEN A TAXPAYER IS SUBJECT TO TAX

Current through Register Vol. 39, No. 2, July 15, 2024
(a) If the taxpayer voluntarily files and pays an
											  income tax to a state other than North Carolina when not required to do so by the laws of that state or pays
											  a minimal fee for qualification, organization or for the privilege of doing business in that state, but does
											  not actually engage in business activities in that state, or does actually engage in some activity, not
											  sufficient for nexus, and the minimum tax bears no relation to the corporation's activities within such
											  state, the taxpayer is not subject to tax within that state and is therefore not taxable in another state.
											  The filing of a unitary-combined return in another state with other related corporations does not standing
											  alone constitute business activity for purposes of determining if a corporation is subject to income tax in
											  this State is allowed to allocate and apportion income.
(b) In
											  some states other types of taxes may be imposed as a substitute for an income tax. Therefore, only income tax
											  or any tax measured by net income, shall be considered in determining whether the taxpayer is taxable in
											  another state.
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994; November 2, 1992; October 31, 1981;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.
North Carolina Administrative Code › Title 17 - REVENUE › Chapter 05 - CORPORATE FRANCHISE, INCOME, AND INSURANCE TAXES › Subchapter C - CORPORATE INCOME TAX › Section .0600 - TAXABLE IN ANOTHER STATE › Section 05C .0605 - WHEN A STATE HAS JURISDICTION

Current through Register Vol. 39, No. 2, July 15, 2024
In the case of any "state," as defined in
													 G.S.
													 105-130.4, other than a state of the United States or political subdivision
													 of such state, the determination of whether such "state" has jurisdiction to subject the taxpayer to a net
													 income tax shall be made as though the jurisdictional standards applicable to a state of the United States
													 applied in that "state." If jurisdiction is otherwise present, such "state" is not considered as without
													 jurisdiction by reason of the provisions of a treaty between that state and the United
													 States.
Authority
													 G.S.
													 105-130.4;
													 105-262;
Eff. February 1, 1976;
Amended
													 Eff. January 1, 1994; October 31, 1981;
Pursuant to
													 G.S.
													 150B-21.3A, rule is necessary without substantive public interest Eff.
													 August 19, 2017.