Article 2 - IMPOSITION, RATE, AND COMPUTATION; EXEMPTIONS

Section 48-7-20 - Individual tax rates; credit for withholding and other payments; applicability to estates and trusts
Section 48-7-20.1 - Tax refund credit for qualified taxpayers filing in the 2021 tax year
Section 48-7-20.2 - Tax refund credit for qualified taxpayers filing in the 2022 tax year
Section 48-7-21 - Taxation of corporations
Section 48-7-21.1 - Compensation paid by taxpayer disallowed as business expense
Section 48-7-22 - Taxation of fiduciaries, estates, and trusts; rate; taxable net income; computation; exemptions; determination of taxable year; tax as charge against estate or trust
Section 48-7-23 - Taxation of partnerships
Section 48-7-24 - Nonresident members of resident partnerships; resident members of nonresident partnerships; profits; distributive shares; taxability
Section 48-7-25 - Exempt corporations and organizations; eligibility for and revocation of exempt status; retroactivity; statute of limitations; information returns; unrelated business income; deductibility of death benefit payments
Section 48-7-26 - Personal exemptions
Section 48-7-27 - [Effective Until 1/1/2025] Computation of taxable net income
Section 48-7-27 - [Effective 1/1/2025] Computation of taxable net income
Section 48-7-27.1 - Tax credits for taxpayers electing certain itemized nonbusiness deductions
Section 48-7-28 - Reciprocity
Section 48-7-28.1 - Tax repayments and benefits
Section 48-7-28.2 - Employer social security credits
Section 48-7-28.3 - Expenses from transactions with related members
Section 48-7-28.4 - Adjustments to taxes; disallowing expenses paid to certain real estate investment trusts; procedures, conditions, and limitations
Section 48-7-29 - [Repealed and Reserved Effective 12/31/2029] Tax credits for rural physicians
Section 48-7-29.1 - Tax credits for retrofitting certain single-family homes with accessibility features
Section 48-7-29.2 - Tax credits for qualified caregiving expenses
Section 48-7-29.3 - [Repealed] Tax credit for federal qualified transportation fringe benefits
Section 48-7-29.4 - [Effective Until 1/1/2025] Tax credits for disaster assistance funds received
Section 48-7-29.4 - [Effective 1/1/2025] Tax credits for disaster assistance funds received
Section 48-7-29.5 - [Repealed] Tax credit for private driver education courses of minors; required documentation; rules and regulations
Section 48-7-29.6 - Tax credits for qualified low-income buildings
Section 48-7-29.7 - [Effective Until 1/1/2025] Tax credits for depository financial institutions
Section 48-7-29.7 - [Effective 1/1/2025] Tax credits for depository financial institutions
Section 48-7-29.8 - [Repealed and Reserved Effective 12/31/2029] Tax credits for the rehabilitation of historic structures
Section 48-7-29.9 - [Effective Until 1/1/2025] Tax credits for qualified life insurance premiums for National Guard and Air National Guard members
Section 48-7-29.9 - [Effective 1/1/2025] Tax credits for qualified life insurance premiums for National Guard and Air National Guard members
Section 48-7-29.10 - Tax credits for qualified child and dependent care expenses
Section 48-7-29.11 - Tax credits for eligible teleworking expenses
Section 48-7-29.12 - [Effective Until 1/1/2025] Tax credits for qualified donation of real property
Section 48-7-29.12 - [Effective 1/1/2025] Tax credits for qualified donation of real property
Section 48-7-29.13 - [Effective Until 1/1/2025] Tax credits for qualified health insurance expenses
Section 48-7-29.13 - [Effective 1/1/2025] [Repealed and Reserved eff. 12/31/2029] Tax credits for qualified health insurance expenses
Section 48-7-29.14 - [Effective Until 1/1/2025] Tax credits for clean energy property
Section 48-7-29.14 - [Effective 1/1/2025] Tax credits for clean energy property
Section 48-7-29.15 - Tax credits for the adoption of foster children
Section 48-7-29.16 - [Effective Until 1/1/2025] Tax credits for contributions to student scholarship organizations
Section 48-7-29.16 - [Effective 1/1/2025] Tax credits for contributions to student scholarship organizations
Section 48-7-29.17 - [Effective Until 1/1/2025] Tax credit for the purchase of one eligible single-family residence
Section 48-7-29.17 - [Effective 1/1/2025] Tax credit for the purchase of one eligible single-family residence
Section 48-7-29.18 - Tax credits for purchasers of alternative fuel heavy-duty and medium-duty vehicles
Section 48-7-29.19 - Procedures, conditions, and limitations for the tax credits for purchasers of alternative fuel heavy-duty and medium-duty vehicles
Section 48-7-29.20 - [Effective Until 1/1/2025] Tax credits for contributions to rural hospital organizations
Section 48-7-29.20 - [Effective 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Tax credits for contributions to rural hospital organizations
Section 48-7-29.21 - [Effective Until 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Tax credits for qualified education donations for the purpose of awarding grants to public schools
Section 48-7-29.21 - [Effective 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Tax credits for qualified education donations for the purpose of awarding grants to public schools
Section 48-7-29.22 - [Repealed Effective 12/31/2026] Tax credits for certain medical preceptor rotations
Section 48-7-29.23 - Tax credits for teachers in the teacher recruitment and retention program
Section 48-7-29.24 - [Effective Until 1/1/2025] Tax credits for contributions to foster child support organizations
Section 48-7-29.24 - [Effective 1/1/2025] Tax credits for contributions to foster child support organizations
Section 48-7-29.25 - [Effective Until 1/1/2025] Tax credits for contributions to law enforcement foundations
Section 48-7-29.25 - [Effective 1/1/2025] Tax credits for contributions to law enforcement foundations
Section 48-7-29.26 - [Repealed and Reserved Effective 12/31/2029] Tax credits for rural health care professionals
Section 48-7-30 - Taxation of nonresident's net income derived from activities within state; separate accounting; deductions; applicability of provisions for corporations to nonresidents
Section 48-7-31 - Taxation of corporations; computation, allocation, and apportionment of income
Section 48-7-31.1 - Conditions for allocating taxpayer's income pursuant to agreement; public inspection; criteria for evaluating proposals
Section 48-7-32 - Taxation of railroad and public service corporations; computation of net income where business is within and outside state; net income for all other such corporations
Section 48-7-33 - Annual accounting periods
Section 48-7-34 - Returns of corporations and nonresidents based upon books of account; application to commissioner; time; contents
Section 48-7-35 - Application for permission to use other method of allocation by corporation or nonresident; contents; effect of failure to receive notice of rejection
Section 48-7-36 - Tolling of time limits for filings by reason of war related service in armed forces
Section 48-7-37 - Taxes due from members of armed forces dying on active duty; applicability of tax to particular taxable years; assessment of unpaid taxes; abatement; credit or refund of collected payments
Section 48-7-38 - Deduction for payments to classified subcontractors; disclosure of tax returns; maintenance of list of classified subcontractors
Section 48-7-39 - Depreciation of property placed in service in prior tax years
Section 48-7-40 - [Effective Until 1/1/2025] Designation of counties as less developed areas; tax credits for certain business enterprises
Section 48-7-40 - [Effective 1/1/2025] Designation of counties as less developed areas; tax credits for certain business enterprises
Section 48-7-40.1 - [Effective Until 1/1/2025] Tax credits for business enterprises in less developed areas
Section 48-7-40.1 - [Effective 1/1/2025] Tax credits for business enterprises in less developed areas
Section 48-7-40.1A - [Effective Until 1/1/2025] Additional job tax credits for manufacturers of personal protective equipment
Section 48-7-40.1A - [Effective 1/1/2025] Additional job tax credits for manufacturers of personal protective equipment
Section 48-7-40.1B - [Effective Until 1/1/2025] Tax credit for jobs created by manufacturers of medical equipment, medical supplies, pharmaceuticals, or medicine
Section 48-7-40.1B - [Effective 1/1/2025] Tax credit for jobs created by manufacturers of medical equipment, medical supplies, pharmaceuticals, or medicine
Section 48-7-40.2 - [Effective Until 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities in tier 1 counties
Section 48-7-40.2 - [Effective 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities in tier 1 counties
Section 48-7-40.3 - [Effective Until 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities in tier 2 counties
Section 48-7-40.3 - [Effective 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities in tier 2 counties
Section 48-7-40.4 - [Effective Until 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 or 4 counties
Section 48-7-40.4 - [Effective 1/1/2025] Tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 or 4 counties
Section 48-7-40.5 - [Effective Until 1/1/2025] Tax credits for employers providing approved retraining programs
Section 48-7-40.5 - [Effective 1/1/2025] Tax credits for employers providing approved retraining programs
Section 48-7-40.6 - Tax credits for employers providing child care
Section 48-7-40.7 - [Effective Until 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities in tier 1 counties
Section 48-7-40.7 - [Effective 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities in tier 1 counties
Section 48-7-40.8 - [Effective Until 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities in tier 2 counties
Section 48-7-40.8 - [Effective 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities in tier 2 counties
Section 48-7-40.9 - [Effective Until 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 and 4 counties
Section 48-7-40.9 - [Effective 1/1/2025] Optional tax credits for existing manufacturing and telecommunications facilities or manufacturing and telecommunications support facilities in tier 3 and 4 counties
Section 48-7-40.10 - [Repealed] [Reserved] Tax credits for water conservation facilities and qualified water conservation investment property
Section 48-7-40.11 - [Repealed] [Reserved] Tax credits for shift from ground-water usage
Section 48-7-40.12 - [Effective Until 1/1/2025] Tax credits for qualified research expenses
Section 48-7-40.12 - [Effective 1/1/2025] Tax credits for qualified research expenses
Section 48-7-40.13 - [Reserved]
Section 48-7-40.14 - Calculation of new full-time jobs
Section 48-7-40.15 - [Effective Until 1/1/2025] Alternative tax credits for base year port traffic increases
Section 48-7-40.15 - [Effective 1/1/2025] Alternative tax credits for base year port traffic increases
Section 48-7-40.15A - [Effective Until 1/1/2025] Increased job tax credit based on increase in port traffic
Section 48-7-40.15A - [Effective 1/1/2025] Increased job tax credit based on increase in port traffic
Section 48-7-40.16 - [Effective Until 1/1/2025] Tax credits for alternative fuel, low-emission and zero-emission vehicles, and electric vehicle chargers
Section 48-7-40.16 - [Effective 1/1/2025] Tax credits for alternative fuel, low-emission and zero-emission vehicles, and electric vehicle chargers
Section 48-7-40.17 - Tax credits for establishing or relocating quality jobs
Section 48-7-40.18 - Tax credits for businesses headquartered in state; full-time jobs
Section 48-7-40.19 - [Repealed] Diesel particulate emission reduction technology equipment; tax credit
Section 48-7-40.20 - [Effective Until 1/1/2025] Tax credits for businesses engaged in manufacturing cigarettes for exportation; amount; required information
Section 48-7-40.20 - [Effective 1/1/2025] Tax credits for businesses engaged in manufacturing cigarettes for exportation; amount; required information
Section 48-7-40.21 - Tax credits for existing business enterprises undergoing qualified business expansion
Section 48-7-40.22 - [Effective Until 1/1/2025] Tax credits for business enterprises for leased motor vehicles; daily ridership; implementation
Section 48-7-40.22 - [Effective 1/1/2025] Tax credits for business enterprises for leased motor vehicles; daily ridership; implementation
Section 48-7-40.23 - Election to count new jobs on calendar year basis
Section 48-7-40.24 - Tax credits for jobs associated with large-scale projects
Section 48-7-40.25 - [Effective Until 1/1/2025] Tax credits for investment in expanding existing manufacturing facilities; enhancements for high-impact aerospace defense projects
Section 48-7-40.25 - [Effective 1/1/2025] Tax credits for investment in expanding existing manufacturing facilities; enhancements for high-impact aerospace defense projects
Section 48-7-40.26 - [Effective Until 1/1/2025] Tax credits for film, gaming, video, or digital production
Section 48-7-40.26 - [Effective 1/1/2025] Tax credits for film, gaming, video, or digital production
Section 48-7-40.26A - [Effective Until 1/1/2025] Tax credits for postproduction expenditures
Section 48-7-40.26A - [Effective 1/1/2025] Tax credits for postproduction expenditures
Section 48-7-40.27 - [Effective Until 1/1/2025] Tax credits for qualified investments in a research fund
Section 48-7-40.27 - [Effective 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Tax credits for qualified investments in a research fund
Section 48-7-40.28 - [Effective Until 1/1/2025] Limitation on the aggregate amount of tax credits allowed for qualified investments in a research fund
Section 48-7-40.28 - [Effective 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Limitation on the aggregate amount of tax credits allowed for qualified investments in a research fund
Section 48-7-40.29 - [Effective Until 1/1/2025] [See Note] Tax credits for certain qualified equipment that reduces business or domestic energy or water usage
Section 48-7-40.29 - [Effective 1/1/2025] [See Note] Tax credits for certain qualified equipment that reduces business or domestic energy or water usage
Section 48-7-40.30 - [Effective Until 1/1/2025] Tax credits for certain qualified investments for limited period of time
Section 48-7-40.30 - [Effective 1/1/2025] Tax credits for certain qualified investments for limited period of time
Section 48-7-40.31 - Tax credits for employing qualified parolees
Section 48-7-40.32 - [Effective Until 1/1/2025] Revitalization zone tax credits
Section 48-7-40.32 - [Effective 1/1/2025] [Repealed and Reserved Effective 12/31/2029] Revitalization zone tax credits
Section 48-7-40.33 - [Reserved] Tax credits for musical or theatrical performances
Section 48-7-40.34 - [Effective Until 1/1/2025] Tax credits for Class III railroads; reporting
Section 48-7-40.34 - [Effective 1/1/2025] [Repealed Effective 1/1/2027] Tax credits for Class III railroads; reporting
Section 48-7-40.35 - [Reserved] Tax credits for certain post-consumer waste material recycling facilities
Section 48-7-40.36 - Tax credits for timber producers incurring losses from Hurricane Michael
Section 48-7-41 - [Reserved] Basic skills education program credits
Section 48-7-42 - Affiliated entities; assignment of corporate income tax credits; carryover of unused credits; joint and severable liability