North Carolina Department of Revenue

VI. CORPORATE FRANCHISE TAX

G.S. 105-114(b)(2) - Clarification: The definition of "corporation" was amended to clarify that it includes a mutual or capital stock savings and loan association or building and loan association chartered under the laws of any state or of the United States.
(Effective July 22, 1999; SB 55, s. 20, S.L. 99-337.)

G.S. 105-122(c)(1) - Clarification on Apportionment: This statute was amended to clarify that a corporation that is subject to the general business franchise tax but exempt from income tax under Article 4 of Chapter 105 must apportion its capital stock, surplus and undivided profits base by using the apportionment factor it would have used had it been subject to the income tax. This issue was addressed by the Department in a directive dated November 19, 1998 (CD-98-4, Doing Business).
(Effective July 22, 1999; SB 55, s. 21, S.L. 99-337.)