An income tax is levied on the net taxable income of all corporations chartered in North Carolina or doing business in North Carolina, unless they are specifically exempt from tax under G.S. 105-130.11. Net taxable income shall be the same as taxable income as defined in the Internal Revenue Code in effect for the income year for which the returns are to be filed, subject to the adjustments provided in G.S. 105-130.5.

The corporate income tax rates are as followed:

7.50% effective for taxable years beginning on or after 1-1-1997.
7.25% effective for taxable years beginning on or after 1-1-1998.
7.00% effective for taxable years beginning on or after 1-1-1999.
6.90% effective for taxable years beginning on or after 1-1-2000.

In the case of a corporation which has business operations both within and without North Carolina, its net taxable income shall be allocated and apportioned to this State in accordance with G.S. 105-130.4.

Last modified on: 10/31/07 03:53:03 PM.