Agenda - 08-30-2007-4 - Laserfiche WebLink

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SL2007-0323 Page 266 of 272 T141~~~ .~tO,Q~Qr1Q T T 7 r'T~7r~~~~ 1 1 w~ 1~ i~1IIl ~IIviv ~l J~"'O_ _ ~~~~V~~V__~~, V~~VppV • ~V~IIII" SECTION 31.19.(d)~ Effective for taxable years beginning on or after January 1, 2012, G.S. 105-134.6(d)(4), as rewritten by subsection (c) of this section, reads as rewritten: "(d) Other Adjustments. -The following adjustments to taxable income shall be made in calculating North Carolina taxable income: (4) A taxpayer whose adiusted gross income (AGI~ as calculated under the Code, is less than the amount listed in this subdivision may deduct from taxable income the amount, not to exceed two thousand five hundred dollars ($2,500), contributed to an account in the Parental Savings Trust Fund of the State Education Assistance Authority established pursuant to G.S. 116-209.25. In the case of a married couple filing a joint return, the maximum dollar amount of the deduction is five thousand dollars ($5,000). Filing Status AGI Married filing jointlX 100 000 Head of household 80,000 Single 60,000 Married, filing; separately 50,000" SECTION 31.19.(e) Subsection (c) of this section is effective for taxable years beginning on or after January 1, 2007. The remainder of this section is effective when it becomes law. SALES TAX REFUND -RESEARCH SUPPLIES SECTION 31.20.(a) G.S. 105-164.3 is amended by adding a new subdivision to read: "§ 105-164.3. Definitions. The following definitions apply in this Article: 33a Analytical services - Testing laboratories that are included in national industry 541380 of NAICS or medical laboratories that are inchided in national industry 621511 of NAICS." SECTION 31.20.(b) G.S. 105-164.14 is amended by adding a new subsection to read: 11~ a the amount ny wnlcn sales ana use tiaxe5~7A.1U Uy 1.11G LCLX~1GlyG1 111 61ll1 ~.76Q.LG 111 6116 11A1Ja1 yGat exceed the amount aid b the tax a er in this State in the 2006-2007 State fiscal ear. A request or a re n must e m writm~ an must me u e any 1 ormanon an ocumentation that the Secretary requires A request for a refund is due within six months after the end of the State's fiscal year Refunds applied for after the due date are barred." SECTION 31.20.(c) Subsection (b) of this section becomes effective July 1, 2007, and applies to purchases made on or after that date. The remainder of this section is effective when it becomes law. WORK OPPORTUNITY TAX CREDIT SECTION 31.21.(a) Article 3B of Chapter 105 of the General Statutes is amended by adding a new section to read: "~ 105-129.16G. Work Opportunity Tax Credit. le year is allowed a credit against the tax imposed by this Part. The credit is