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CD <br />NORTH CAROLINA <br />e state of minds <br />Any customer — business or individual — of the N.C. Ports at Morehead Ci ty and Wilmington who <br />is subject to payment of North Carolina income taxes can qualify for a tax credit. Basically, by <br />increasing use of ports facilities, a customer —.new or existing — can take a credit on income taxes <br />due to the state. <br />• The tax credit is earned on cargo whgfage and handling fees — in or out — charged by the N.C. Ports <br />Authority. <br />4R. The credit is <br />• ....... .... <br />The credit al <br />for each tax <br />current-year fees exceed the average of the past three years. <br />to income taxes due to the state — up to 50 percent of the total tax liability <br />Any, unused credit may be carried forward for five years. <br />FThe OR: <br />maximum cumulative credit that may be taken may not exceed $2 million. <br />1� iiiiii,"-.',.-":i';i-There are some limitations to this credit. For example, bulk cargo through the Port of Wilmington is <br />M11 excluded <br />rhig:::ctedifls�scheduldd to expire for taxable ears beginning on or after January 1, 2009. <br />U. :: : * y <br />HT it ljj:'ti�:j�!. <br />ional::detii sare::av'ailable from the N.C. Ports Authority by calling (800) 334-0682 or visiting <br />www.ncports.com. <br />Example 1 N Example 2 <br />New North Carolina State Port User <br />'2 <br />Year 2 $100,000 <br />Or <br />bb" <br />TOTAL FEES $250,000 <br />$250,000 <br />$83,333 <br />Year 3 fees <br />$100,000 <br />TAX CREDIT* $16,667 <br />Current User - Increased Volume <br />11INN <br />Year 2 $0 <br />TOTAL FEES $100,000 <br />L <br />$100,000 <br />$33,333 <br />Year 3 fees $100,000 <br />TAX CREDIT* <br />North Carolina Department of Commerce Incentives 1 8 <br />