GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

H	1 

HOUSE BILL 2122

Short Title:  Restore Corporate Apportionment Formula.   	(Public)
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Sponsors: Representatives Luebke; Barnes, Beall, Colton, Fitch, Gamble, Michaux, and B. Miller.
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Referred to:  Finance.
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June 13, 1994

A BILL TO BE ENTITLED
AN ACT TO CHANGE THE FORMULA USED TO APPORTION THE INCOME OF MULTISTATE CORPORATIONS TO THIS STATE.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.4(i) reads as rewritten:
"(i)	All business income of corporations other than public utilities and excluded corporations shall be apportioned to this State by multiplying the income by a fraction, the numerator of which is the property factor plus the payroll factor plus the sales factor, and the denominator of which is three. If one or more of these factors does not exist, the denominator of the fraction shall be the number of existing factors."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1994.