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.)