GENERAL ASSEMBLY OF NORTH CAROLINA
1995 SESSION
CHAPTER 495
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-130.41 reads as rewritten:
"§
105-130.41. Credit for North Carolina State Ports Authority wharfage
and handling charges on exports. wharfage, handling, and throughput
charges.
(a) Credit. - A taxpayer who
is a whose waterborne cargo owner utilizing the deep water docks
at the Wilmington or Morehead City port for the movement of export cargo is
loaded onto or unloaded from an ocean carrier calling at either the
State-owned port terminal, terminal at Wilmington or Morehead
City, without consideration of the free-on-board (FOB) terms under
which the export cargo is moved, is allowed a credit against the tax
imposed by this Division. The amount of credit allowed is equal to the excess
of the wharfage, handling in, handling (in or out), and through
put throughput charges assessed on the cargo owned by that cargo
owner for the current taxable year over an amount equal to the average of
the charges for the current taxable year and the two preceding taxable years.
The credit applies to break-bulk cargo, bulk cargo, cargo and
container cargo cargo, including less-than-container load
cargo. less-than-container-load cargo, that is loaded onto or unloaded
from an ocean carrier calling at either the Wilmington or Morehead City port
terminal and to bulk cargo that is loaded onto or unloaded from an ocean
carrier calling at the Morehead City port terminal. To obtain the
credit, taxpayers must provide to the Secretary a statement from the State
Ports Authority certifying the amount of charges for which a credit is claimed
and any other information required by the Secretary.
(b) Limitations. - This credit may not exceed fifty percent (50%) of the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the corporation. Any unused portion of the credit may be carried forward for the succeeding five years. The maximum cumulative credit that may be claimed by a corporation under this section is one million dollars ($1,000,000).
(c) Definitions. - For
purposes of this section, the terms "handling in" 'handling'
(in or out) and 'wharfage' have the meanings provided in the State Ports
Tariff Publications, 'Wilmington Tariff, Terminal Tariff #6,' and 'Morehead
City Tariff, Terminal Tariff #1.' For purposes of this section, the term 'through
put' 'throughput' has the same meaning as 'wharfage' but applies
only to bulk products, both dry and liquid."
Sec. 2. G.S. 105-151.22 reads as rewritten:
"§
105-151.22. Credit for North Carolina State Ports Authority wharfage
and handling charges on exports. wharfage, handling, and throughput
charges.
(a) Credit. - A taxpayer who
is a whose waterborne cargo owner utilizing the deep water docks
at the Wilmington or Morehead City port for the movement of export cargo is
loaded onto or unloaded from an ocean carrier calling at either the
State-owned port terminal, terminal at Wilmington or Morehead
City, without consideration of the free-on-board (FOB) terms under
which the export cargo is moved, is allowed a credit against the tax
imposed by this Division. The amount of credit allowed is equal to the excess
of the wharfage, handling in, handling (in or out), and through
put throughput charges assessed on the cargo owned by that cargo
owner for the current taxable year over an amount equal to the average of
the charges for the current taxable year and the two preceding taxable years.
The credit applies to break-bulk cargo, bulk cargo, cargo and
container cargo cargo, including less-than-container load
cargo. less-than-container-load cargo, that is loaded onto or unloaded
from an ocean carrier calling at either the Wilmington or Morehead City port
terminal and to bulk cargo that is loaded onto or unloaded from an ocean
carrier calling at the Morehead City port terminal. To obtain the
credit, taxpayers must provide to the Secretary a statement from the State
Ports Authority certifying the amount of charges for which a credit is claimed
and any other information required by the Secretary.
(b) Limitations. - This credit may not exceed fifty percent (50%) of the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five years. The maximum cumulative credit that may be claimed by a taxpayer under this section is one million dollars ($1,000,000).
(c) Definitions. - For
purposes of this section, the terms "handling in"'handling'
(in or out) and 'wharfage' have the meanings provided in the State Ports
Tariff Publications, 'Wilmington Tariff, Terminal Tariff #6,' and 'Morehead
City Tariff, Terminal Tariff #1.' For purposes of this section, the term 'through
put' 'throughput' has the same meaning as 'wharfage' but applies
only to bulk products, both dry and liquid.”
Sec. 3. Section 4 of Chapter 977 of the 1991 Session Laws reads as rewritten:
"Sec. 4. This act is effective for taxable years
beginning on or after March 1, 1992, and ending on or before February 28, 1996.
1998."
Sec. 4. Section 4 of Chapter 681 of the 1993 Session Laws, as amended by Section 17 of Chapter 17 of the 1995 Session Laws, reads as rewritten:
"Sec. 4. This act is effective for taxable years
beginning on or after January 1, 1994, and ending on or before February 28, 1996.
1998."
Sec. 5. Section 3 of Chapter 977 of the 1991 Session Laws reads as rewritten:
"Sec. 3. The North Carolina State Ports Authority
shall report annually to the General Assembly regarding the impact of this
act the income tax credit enacted by this act on shipping and
economic growth. Each report shall show the overall annual increase in
shipping at each State port affected by this act for the most
recent year for which data is available and for each of the previous 10
years. Each report shall estimate the number of jobs created at each port
and in businesses related to port activity at each port since January 1, 1992,
as compared to the number of similar jobs created during the 10 years preceding
January 1, 1992. Each report shall state the net economic impact on the
State as a result of the allowance of tax credits under this act. the
tax credit. Each report shall include the number of persons using the
tax credit who have stopped, or are likely to stop, using a North Carolina port
when the credit expires and to then use a port in another state. The
Ports Authority shall file a report on May 1 of 1993, 1994, and 1995, 1996,
and 1997 by submitting a copy to the Fiscal Research Division and five
copies to the Legislative library. Speaker of the House of
Representatives and the President Pro Tempore of the Senate. The
Department of Revenue and the Department of Economic and Community Development
shall cooperate with the Ports Authority in providing the information required
in the annual reports."
Sec. 6. This act is effective for taxable years beginning on or after January 1, 1995.
In the General Assembly read three times and ratified this the 27th day of July, 1995.
───────────────────
Dennis A. Wicker
President of the Senate
───────────────────
Harold J. Brubaker
Speaker of the House of Representatives