17 NCAC 06B .0607 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.
History Note: 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.