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.