GENERAL ASSEMBLY OF NORTH CAROLINA
1989 SESSION
CHAPTER 848
The General Assembly of North Carolina enacts:
Section 1. G.S. 53A-46 reads as rewritten:
"§ 53A-46. Tax credit.
A person or corporation that invests in the equity securities
of a North Carolina Enterprise Corporation may be or in the equity
securities of a limited partnership in which a North Carolina Enterprise
Corporation is the only general partner is entitled to a tax credit as
provided in G.S. 105-163.010 through G.S. 105-163.014."
Sec. 2. G.S. 105-163.010(6a) reads as rewritten:
"(6a) North Carolina Enterprise
Corporation. - A corporation established in accordance with Article 3 of
Chapter 53A of the General Statutes. Statutes or a limited
partnership in which a North Carolina Enterprise Corporation is the only
general partner."
Sec. 3. G.S. 105-163.011(a) reads as rewritten:
"(a) Corporations. -
Subject to the limitations contained in G.S. 105-163.012, a corporation that
invests in the equity securities of a North Carolina Capital Resource
Corporation, a North Carolina Enterprise Corporation, or a qualified investment
organization is allowed as a credit against the income tax imposed by
Division I of this Article or the Article, the franchise tax
imposed by G.S. 105-116, 105-120.2, and 105-122 105-122, or the gross
premiums tax imposed by G.S. 105-228.5 and G.S. 105-228.8 for the taxable
year an amount equal to twenty-five percent (25%) of the amount invested or
seven hundred fifty thousand dollars ($750,000), whichever is less. The
credit may not be taken for the year in which the investment is made but shall
be taken for the taxable year beginning during the calendar year following the
calendar year in which the investment was made."
Sec. 4. G.S. 105-163.012(a) reads as rewritten:
"(a) The credit allowed a
taxpayer under G.S. 105-163.011 may not exceed the amount of income tax
imposed by Division I or II of this Article or by Article, the amount
of franchise tax imposed by Article 3 of this Chapter, or the amount of
gross premiums tax imposed by Article 8B of this Chapter, as appropriate,
for the taxable year reduced by the sum of all other credits allowable except
tax payments made by or on behalf of the taxpayer. The amount of unused
credit allowed under G.S. 105-163.011 may be carried forward for the next five
succeeding years."
Sec. 5. G.S. 147-69.2(b)(9), as enacted by Chapter 813 of the 1989 Session Laws, reads as rewritten:
"(9) Obligations and
securities of the The North Carolina Enterprise Corporation, or
of a limited partnership in which The North Carolina Enterprise Corporation is
the only general partner, not to exceed twenty million dollars
($20,000,000) from all funds."
Sec. 6. This act is effective for taxable years beginning on or after January 1, 1990.
In the General Assembly read three times and ratified this the 6th day of July, 1990.