Credit For Income Tax Paid To Another State Or Country

# (a)

If credits are claimed for taxes paid to more than one state or country, a separate computation must be made for each state or country and the separate credits combined to determine the total credit.

# (b)

No credit is allowed for income taxes paid to a city, county, or other political subdivision of a state or to the federal government.

# (c)

If credit is claimed for the shareholder's part of the corporate tax paid, a schedule must be attached to the North Carolina return showing the total tax paid by the S corporation and how the pro rata share of the tax was determined.

Last amended: Authority G.S. 105-153.9; 105-262; Eff. June 1, 1990; Amended Eff. June 1, 1993; Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. July 26, 2015.

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