Section 105-160.3 - Tax credits(a) Except as otherwise provided in this section, the credits allowed to an individual against the tax imposed by Part 2 of this Article shall be allowed to the same extent to an estate or a trust against the tax imposed by this Part. Any credit computed as a percentage of income received shall be apportioned between the estate or trust and the beneficiaries based on the distributions made during the taxable year. No credit may exceed the amount of the tax imposed by this Part for the taxable year reduced by the sum of all credits allowable, except for payments of tax made by or on behalf of the estate or trust.(b) The tax credits allowed under G.S. 105-153.9 may not be claimed by an estate or trust.N.C. Gen. Stat. § 105-160.3
Amended by 2018 N.C. Sess. Laws 5,s. 38.10-l, eff. 6/12/2018.Amended by 2013 N.C. Sess. Laws 364,s. 3, eff. 1/1/2014.Amended by 2013 N.C. Sess. Laws 316,s. 1.3-f, eff. 1/1/2014.Amended by 2012 N.C. Sess. Laws 79,s. 2.6, eff. 6/26/2012.Amended by 2007 N.C. Sess. Laws 323,s. 31.4.(b), eff. 1/1/2008, and ss. 31.5.(b), 31.6.(b), eff. 1/1/2007.Amended by 2006 N.C. Sess. Laws 66,s. 24.18.(f), eff. 1/1/2006.Amended by 2004 N.C. Sess. Laws 0170, s. 17, eff. 8/2/2004. 1989, c. 728, s. 1.38; 1998-1, s. 5(b); 1998-98, ss. 10, 105; 1998-212, s. 29A.6(b).2007 N.C. Sess. Laws 323,s. 31.6.(c), states, "This section is effective for taxable years beginning on or after January 1, 2007."2007 N.C. Sess. Laws 323,s. 31.5.(c), states, "This section is effective for taxable years beginning on or after January 1, 2007."2006 N.C. Sess. Laws 66,s. 24.18.(g), as amended by 2011 N.C. Sess. Laws 330, s. 36, states, "This section is effective for taxable years beginning on or after January 1, 2006, and expires for taxable years beginning on or after January 1, 2013." Subsection (b)(7) is repealed effective for taxable years beginning on or after 1/1/2004.