2007-2008 Technical Bulletins

TABLE OF CONTENTS

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I. Franchise Tax
   
A. General Information
B. Electric Power, Water and Sewerage Companies
C. Holding Companies
D. Mutual Burial Association
E. General Business Corporations
F. Capital Stock, Surplus and Undivided Profits Base
G. Multistate Corporations
H. Investment in Tangible Properties in North Carolina Base
I. Appraised Valuation of Tangible Property Base
J. Corporate Members of LLCs
K. Change of Income Year
L. Corporations Conditionally or Partially Exempt
   
II. Corporate Income Tax
   
A. Corporations Subject to the Tax, Tax Rate and Allocation Requirements
B. Tax Credits
C. Computation of Net Income
D. Interest Income on Government Obligations
E. Attribution of Expenses to Nontaxable Income and to Nonapportionable Income and Property
F. Allocation and Apportionment Procedures
G. Taxable in Another State
H. Apportionable and Nonapportionable Income
I. Apportionment Factors
J. Deduction of Contributions
K. Rapid Amortization for Qualifying Facilities and Equipment
L. Amortization of Bond Premiums
M. Net Economic Loss Carry-Over
N. Transactions Between Affiliated Corporations and Consolidated Returns
O. Partnerships and the Corporate Partner
P. Filing of Returns and Payment of Taxes
Q. Extension of Time for Filing Return
R. Dissolutions and Withdrawals
S. Suspensions and Reinstatements
T. Exempt Corporations
U. Reporting Federal Changes
V. Domestic International Sales Corporation
W. S Corporations
X. Qualified Subchapter S Subsidiaries
   
III. Tax Credits
   
A. General Tax Credits
B. Tax Incentives for New and Expanding Businesses
C. Business and Energy Tax Credits
D. Tax Incentives for Recycling Facilities
E. Historic Rehabiliation Tax Credits
F. Low-Income Housing Tax Credits
G. Research and Development Tax Credit
H. Tax Incentives for Major Computer Manufacturing Facilities
I. Credit for Mill Rehabilitation
J. Tax Credits for Growing Businesses
K. Tax Incentive for Railroad Intermodal Facility
 
IV. Declaration of Income by Corporations
   
A. Declaration of Estimated Income Tax Required
B. Payment and Due Dates
C. Underpayment of Estimated Tax
D. “No Interest” Tests
E. Short Taxable Years
F. Overpayment of Tax
G. Electronic Funds Transfer (EFT) Required
   
V. Excise Tax
A. Tobacco Products Excise Tax
B. Alcoholic Beverage License and Excise Tax
C. Piped Natural Gas Excise Tax
   
VI. Privilege Tax
A. General Information
B. Dances, Athletic Events, Shows, Exhibitions and Other Entertainment
C. Motion Picture Shows
D. Amusements - Certain Exhibitions, Performances and Entertainment Exempt
E. Attorneys-at-Law and Other Professionals
F. Installment Paper Dealers
G. Loan Agencies or Brokers, including Pawnbrokers and Check Cashers
H. Banks
I. Publishers of Newsprint Publications
   
VII. Insurance Premium Tax
   
A. General Information
B. Insurance Companies Subject to the Tax
C. Types of Tax and Charges
D. Tax Basis
E. Tax Rates and Charges
F. Retaliatory Provisions
G. Installment Payments
H. Due Dates
I. Electronic Funds Transfer (EFT) Requirement
J. Exempt Insurance Companies
K. Tax Credits
L. Insurance Tax Administered by Department of Insurance
M. No Additional Local Taxes
N. Exemption From Franchise or Corporate Income Tax
O. Penalties
   
VIII. General Administration
   
A. Statute of Limitations; Assessment Procedure; Appeals Process
B. Payment of Taxes by Electronic Funds Transfer (EFT)
C. Penalties and Interest