GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1993

S	1 

SENATE BILL 1636

Short Title:  Phase Out Intangibles Tax.	(Public)
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Sponsors: Senators Cochrane, Allran, Ballantine, Blackmon, Carpenter, Forrester, Hartsell, Kincaid, Shaw, Simpson, and Smith.
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Referred to:  Finance.
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June 1, 1994

A BILL TO BE ENTITLED
AN ACT TO PHASE OUT THE INTANGIBLES TAX OVER THREE YEARS, TO EXEMPT STOCK THAT IS NOT PUBLICLY TRADED FROM THE TAX, TO REPEAL EXISTING INCOME TAX PREFERENCES FOR NORTH CAROLINA DIVIDENDS, AND TO REIMBURSE LOCAL GOVERNMENTS FOR THEIR LOST INTANGIBLES TAX REVENUE.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-151.19 is repealed.
Sec. 2.  G.S. 105-130.7 reads as rewritten:
"§ 105-130.7.  Deductible portion of dividends.
Dividends from stock issued by a corporation are deductible to the extent provided in this section.
	(2)	Dividends received by a corporation from stock in any insurance company of this State taxed under the provisions of G.S. 105-228.5 shall be deductible by such corporation, and a proportionate part of any dividends received from stock in any foreign insurance corporation shall be deductible, such part to be determined on the basis of the ratio of premiums reported for taxation in this State to total premiums collected both in and out of this State.
(3)	A corporation shall be allowed to deduct such proportionate part of dividends received by it from a regulated investment company or a real estate investment trust, as defined in G.S. 105-130.12, as represents and corresponds to income received by such regulated investment company or real estate investment trust which would not be taxed by this State if received directly by the corporation.
(3a)	Dividends received on shares of capital stock owned in a stock-owned savings and loan association taxed under Article 8D of this Chapter shall be deductible.
(4)	Notwithstanding any other provision of this section, a corporation may deduct all dividends received from corporations in which it owns more than fifty percent (50%) of the outstanding voting stock.
(5)	Notwithstanding any other provisions of this Division, a corporation that is a shareholder in a holding company may deduct an amount equal to those dividends received by it from the holding company, multiplied by a fraction, the numerator of which is the dividends received by the holding company that are deductible by it under subdivisions (2) through (3a) of this section and the denominator of which is the gross dividends received by the holding company. A holding company that owns more than fifty percent (50%) of the outstanding voting stock of one or more holding companies as defined in this subdivision is allowed a deduction for all dividends received from those holding companies and all other corporations in which it owns more than fifty percent (50%) of the outstanding voting stock. As used in this section, the term 'holding company' means a corporation subject to the tax imposed by G.S. 105-130.3 whose ordinary gross income consists of fifty percent (50%) or more of dividend income received from corporations in which it owns more than fifty percent (50%) of the outstanding voting stock.  As used in this subdivision, the term 'dividend' includes, in addition to corporate dividends, distributions received from a partnership by a corporation owning more than a fifty percent (50%) interest in the partnership.
(6)	In no case shall the total amount of dividends that are allowed as a deduction to a corporation as a result of the application of subdivisions (2) through (3a) of this section be in excess of fifteen thousand dollars ($15,000) for the taxable year."
Sec. 3.  G.S. 105-198 reads as rewritten:
"§ 105-198.  Intangible personal property.
The intangible personal properties enumerated and defined in this Article are classified under authority of Section 2(2), Article V of the North Carolina Constitution.  The taxes are levied for the purposes stated in this Subchapter.
The taxes levied in this Article are at the following rates:
Due Date of Return	Rate per $100.00 of Value
April 15, 1995	Sixteen cents (16¢)
April 15, 1996	Eight cents (08¢)
Thereafter	No Tax "
Sec. 4.  G.S. 105-201 reads as rewritten:
"§ 105-201.  Accounts receivable.
All accounts receivable on December 31 of each year, having a business, commercial or taxable situs in this State, other than credit balances on accounts with investment brokers or security dealers, shall be subject to an annual tax, which is hereby levied, at the rate provided in G.S. 105-198 on every one hundred dollars ($100.00) of the face value of such accounts receivable, except that taxpayers reporting on a fiscal year basis for income tax purposes under the provisions of Article 4 shall report accounts receivable on the last day of such fiscal year ending during the year prior to that December 31 as of which such property would otherwise be reported: Provided, that from the face value of such accounts receivable there may be deducted the accounts payable of the taxpayer as of the valuation date of the accounts receivable: Provided further, that no deduction in any case shall be allowed under this section of any indebtedness of the taxpayer on account of capital outlay, permanent additions to capital or purchase of capital assets.
The term 'accounts payable' as used in this section shall not include:
(1)	Reserves, secondary liabilities or contingent liabilities except upon satisfactory showing that the taxpayer will actually be compelled to pay the debt or liability;
	(2) 	Taxes of any kind owing by the taxpayer;
	(3) 	Debts owed to a corporation of which the taxpayer is parent  or subsidiary or with which the taxpayer is closely affiliated by stock ownership or with which the taxpayer is subsidiary of same parent corporation unless the credits created by such debts are listed if so required by law for ad valorem or property taxation, for taxation at the situs of such credits; or
	(4) 	Debts incurred to purchase assets which are not subject to taxation at the situs of such assets.
From the total face value of accounts receivable returned to this State for taxation by or in behalf of any taxpayer who or which also owns other such accounts receivable as have situs outside of this State, accounts payable of the taxpayer may be deducted only in the proportion which the total face value of accounts receivable taxable under this section bears to the total face value of all accounts receivable of the taxpayer.
The term 'accounts payable' as used in this section includes notes payable that are made for a term of one year or less and are not claimed as a deduction under G.S. 105-202.
Indebtedness of commercial factors incurred directly for the purchase of accounts receivable may be deducted from the total value of such accounts receivable.
Indebtedness of securities brokers directly incurred in connection with the purchase or sale of stocks, bonds or other securities from which such brokers derive accounts receivable taxable under this Article may be deducted from the total value of such accounts receivable."
Sec. 5.  G.S. 105-202 reads as rewritten:
"§ 105-202.  Bonds, notes, and other evidences of debt.
All bonds, notes, and other evidences of debt however evidenced whether secured by mortgage, deed of trust, judgment or otherwise, or not so secured, having a business, commercial or taxable situs in this State on December 31 of each year shall be subject to an annual tax which is hereby levied, at the rate provided in G.S. 105-198 on every one hundred dollars ($100.00) of the actual value thereof, except that taxpayers reporting on a fiscal year basis for income tax purposes under the provisions of Article 4 shall report evidences of debt on the last day of such fiscal year ending during the year prior to the December 31 as of which such property would otherwise be reported; provided, that from the actual value of such bonds, notes, and other evidences of debt there may be deducted like evidences of debt owed by the taxpayer as of the valuation date of the receivable evidences of debt. The term 'like evidences of debt' deductible under this section shall not include:
	(1) 	Accounts payable; provided, however, that accounts payable to security brokers incurred directly for the purchase of bonds, debentures and similar investments taxable under this section shall be deductible;
(2) 	Taxes of any kind owing by the taxpayer;
	(3) 	Reserves, secondary liabilities or contingent liabilities except upon satisfactory showing that the taxpayer will actually be compelled to pay the debt or liability;
	(4) 	Evidences of debt owed to a corporation of which the taxpayer is parent or subsidiary or with which the taxpayer is closely affiliated by stock ownership or with which the taxpayer is subsidiary of same parent corporation, unless the credits created by such evidences of debt are listed, if so required by law for ad valorem or property taxation, for taxation at the situs of such credits; or
	(5) 	Debts incurred to purchase assets which are not subject to taxation at the situs of such assets.
From the total actual value of bonds, notes, and other evidences of debt returned to this State for taxation by or in behalf of any taxpayer who or which also owns other such evidences of debt as have situs outside of this State, like evidences of debt owed by the taxpayer may be deducted only in the proportion which the total actual value of evidences of debt taxable under this section bears to the total actual value of all like evidences of debt owned by the taxpayer.
The tax levied in this section shall not apply to bonds, notes and other evidences of debt of the United States, State of North Carolina, political subdivisions of this State or agencies of such governmental  units, or of nonprofit educational institutions organized or chartered under the laws of the State of North Carolina, but the tax shall apply to all bonds and other evidences of debt of political subdivisions and governmental units other than those specifically excluded herein.
In every action or suit in any court for the collection on any bonds, notes, or other evidences of debt, the plaintiff shall be required to allege in his pleadings or to prove at any time before final judgment is entered.
	(1) 	That such bonds, notes or other evidences of debt have been assessed for taxation for each and every tax year, under the  provisions of this Article, during which the plaintiff was owner of same, not exceeding five years prior to that in which the suit or action is brought; or
	(2) 	That such bonds, notes or other evidences of debt sued upon  are not taxable hereunder in the hands of the plaintiff; or
	(3) 	That the suitor has not paid, or is unable to pay such taxes, penalties and interest as might be due, but is willing for the same to be paid out of the first recovery on the evidence of debt sued upon.
When in any action at law or suit in equity it is ascertained that there are unpaid taxes, penalties and interest due on the evidence of debt sought to be enforced, and the suitor makes it appear to the court that he has not paid or is unable to pay said taxes, penalties and interest, but is willing for the same to be paid out of the first recovery on the evidence of debt, the court shall have authority to enter as a part of any judgment or decretal order in said proceedings that the amount of taxes, penalties and interest due and owing shall be paid to the proper officer out of the first collection on said judgment or decree. The title to real estate heretofore or hereafter sold under a deed of trust shall not be drawn in question upon the ground that the holder of the notes secured by such deed of trust did not list and return the same for taxation as required by this Article."
Sec. 6.  G.S. 105-203 reads as rewritten:
"§ 105-203.  Shares of stock.
All shares of stock (including shares and units of ownership of mutual funds, investment trusts, and investment funds) owned by residents of this State or having a business, commercial, or taxable situs in this State on December 31 of each year, with the exception herein provided, shall be subject to an annual tax, which is hereby levied, at the rate provided in G.S. 105-198 on every one hundred dollars ($100.00) of the total fair market value of the stock on December 31 of each year less the proportion of the value that is equal to:
(1)	In the case of a taxpayer that is a corporation, the proportion of the dividends upon the stock deductible by the taxpayer in computing its income tax liability under G.S. 105-130.7 without regard to the fifteen thousand dollar ($15,000) limitation under G.S. 105-130.7; and
(2)	In the case of a taxpayer that is not a corporation, the proportion of the dividends upon the stock that would be deductible by the taxpayer, if the taxpayer were a corporation, in computing its income tax liability under the provisions of G.S. 105-130.7(1), (2), (3), (3a), and (5), without regard to the fifteen thousand dollar ($15,000) limitation under G.S. 105-130.7.
This tax does not apply to shares of stock in building and loan associations or savings and loan associations that pay a tax under Article 8D of this Chapter, nor to shares of stock owned by any corporation that has its commercial domicile in North Carolina, where the corporation owns more than fifty percent (50%) of the outstanding voting stock.
This tax does not apply to units of ownership in an investment trust, the corpus of which is composed (i)	entirely of obligations of this State or (ii) entirely of obligations of the United States and of this State, at least eighty percent (80%) of the fair market value of which represents obligations of this State.  For the purpose of this paragraph, 'State' includes the State of North Carolina, political subdivisions of this State, and agencies of these governmental units; 'United States' includes the United States and its possessions, and the District of Columbia; 'obligations' includes bonds, notes, and other evidences of debt.  In order for the exemption provided in this paragraph to apply, the trustees of an investment trust must provide the Secretary of Revenue, in the form required by the Secretary, not later than December 31 of the year with respect to which the exemption applies, information sufficient to establish the applicability of this exemption.
Indebtedness incurred directly for the purchase of shares of stock may be deducted from the total value of those shares if the specific shares of stock so purchased are pledged as collateral to secure the indebtedness; however, only so much of the indebtedness may be deducted as is in the same proportion as the taxable value of the shares of stock is to the total value of the shares of stock.
This tax does not apply to shares of corporate stock that are not (i)	publicly traded on a securities exchange or board of trade or (ii) publicly traded over-the-counter in the usual course of business by registered brokers or securities dealers.
This exemption applies only to corporate stock held directly by the taxpayer, and does not apply to shares or units of ownership of mutual funds, investment trusts, or investment funds, or to similar securities."
Sec. 7.  G.S. 105-204 reads as rewritten:
"§ 105-204.  Beneficial interest in foreign trusts.
The beneficial or equitable interest on December 31 of each year of any resident of this State, or of a nonresident having a business, commercial or taxable situs in this State, in any trust, trust fund or trust account (including custodian accounts) held by a foreign fiduciary, shall be subject to an annual tax, which is hereby levied, at the rate provided in G.S. 105-198 on every one hundred dollars ($100.00) of the total actual value thereof less, however, the proportion of such value as is equal to the proportion of the beneficiary's income from the trust, trust fund, or trust account (including custodian accounts) that is attributable to (i) interest received by the fiduciary on bonds, notes or other evidences of debt of the United States, State of North Carolina, subdivisions of this State, or agencies of such governmental units and (ii) dividends received by the fiduciary on shares of stock to the extent that the dividends would be deductible by a corporate shareholder under G.S. 105-130.7(1), (2), (3), (3a), or (5) except that no deduction shall be allowed for dividends deemed distributable from earnings for a taxable period during which the corporation is an S Corporation subject to the provisions of Division I-S of Article 4 of this Chapter; provided, however, that a resident beneficiary of a foreign trust shall be allowed a credit against any tax due under this section for any foreign intangibles tax paid on his beneficial interest in a foreign trust.
The value of the corpus of such trust, trust fund or trust account shall not be considered in computing taxable value hereunder, unless the person subject to the tax:
(1)	Has the right to the present possession of an interest therein, and then only to the extent of the value of such present interest; or
(2) 	Has the present right to receive a part or all of the income realized from the corpus of such trust, and then only to the extent of the present value of such income interest; or
(3) 	Has created the trust and reserved for himself an income, reversionary or remainder interest therein, and then only to the extent of the present value of such interest."
Sec. 8.  G.S. 105-213(a) reads as rewritten:
"(a)	Amount to be Distributed. – On or before June 25, 1996, the Secretary shall distribute to counties and municipalities one hundred three percent (103%) of the amount of revenue that would have been collected under this Article from the preceding July 1 through the preceding April 30 if the taxes levied in this Article were at the rate of twenty-five cents (25¢) per one hundred dollars ($100.00) of value, less all of the following:
(1)	An amount equal to the costs during the preceding fiscal year of:
a.	Refunds made during the fiscal year of taxes levied under this Article.
	b.	The Department of Revenue to collect and administer the taxes levied under this Article.
	c.	The Department of Revenue in performing the duties imposed by Article 15 of this Chapter.
d.	The Property Tax Commission.
e.	The Institute of Government in operating a training program in property tax appraisal and assessment.
	f.	The personnel and operations provided by the Department of State Treasurer for the Local Government Commission.
(2)	An amount equal to the excess of the amount of revenue collected under this Article during the 1993-94 fiscal year over the amount of revenue collected under this Article during the 1989-90 fiscal year, as certified by the Secretary.
Funds distributed under this section in excess of the amount of revenue collected under this Article shall be drawn from collections received under Division II of Article 4 of this Chapter."
Sec. 9.  G.S. 105-216 is repealed.
Sec. 10.  G.S. 105-213.1 is recodified as G.S. 105-275.2.  The remainder of Article 7 of Chapter 105 of the General Statutes is repealed.  Any taxes collected pursuant to Article 7 of Chapter 105 of the General Statutes on or after the date the Article is repealed shall remain in the General Fund and any refunds made on or after the date the Article is repealed of taxes collected pursuant to that Article shall be charged to the General Fund.
Sec. 11.  G.S. 105-275 is amended by adding the following new subdivisions:
"(31a)	Accounts receivable.
(31b)	Bonds, notes, and other evidences of debt.
(31c)	Shares of stock, including shares and units of ownership of mutual funds, investment trusts, and investment funds.
(31d)	The beneficial or equitable interest in a trust, trust fund, or trust account, including custodial accounts, held by a foreign fiduciary."
Sec. 12.  G.S. 105-213.1, as recodified as G.S. 105-275.2 by this act, reads as rewritten:
"§ 105-275.2.  Reimbursement to counties and municipalities for repeal of State tax on intangible personal property.
(a)	Reimbursement for Repeal of Tax on Money on Deposit, Money on Hand, and Funds on Deposit with Insurance Companies. – On or before August 30 of each year, the Secretary of Revenue shall allocate for distribution to each county and the municipalities in the county the amount allocated to the county under this subsection in 1990.
(a1)	Reimbursement for Partial Repeal of Tax on Accounts Receivable. – On or before August 30 of each year, the Secretary of Revenue shall distribute to counties and municipalities an amount equal to forty percent (40%) of the tax collected on accounts receivable under former Article 7 of this Chapter (repealed) during the 1989-90 fiscal year. The Secretary shall allocate this amount among the counties in proportion to the amount allocated to each county under former G.S. 105-213 (repealed) in June 1996.
(a2)	Reimbursement for Repeal of Tax on Accounts Receivable, Bonds, Stocks, and Foreign Trust Interests. – On or before June 25 of each year, the Secretary shall distribute to counties and municipalities the base amount for that year minus the deduction for local cost items for that year.  The Secretary shall allocate this amount among the counties in proportion to the amount allocated to each county under former G.S. 105-213 (repealed) in June 1996.
For 1997, the base amount is one hundred six percent (106%) of the amount of revenue that would have been collected under former Article 7 of this Chapter (repealed) from July 1, 1995, through April 30, 1996, if the taxes levied in that Article had been at the rate of twenty-five cents (25¢) per one hundred dollars ($100.00) of value.  Each year thereafter, the base amount is one hundred three percent (103%) of the base amount for the previous year.  Each year, the deduction for local cost items is an amount equal to the costs during the preceding fiscal year of:
(1)	The Department of Revenue in performing the duties imposed by Article 15 of this Chapter.
(2)	The Property Tax Commission.
(3)	The Institute of Government in operating a training program in property tax appraisal and assessment.
(4)	The personnel and operations provided by the Department of State Treasurer for the Local Government Commission.
(5)	Refunds made during the fiscal year of taxes levied under former Article 7 of this Chapter (repealed).
(6)	The Department of Revenue to collect and administer the taxes levied under former Article 7 of this Chapter (repealed).
(a3)	Distribution Between County and its Municipalities. – The amounts allocated to each county under this section shall be allocated between the county and the municipalities in the county in proportion to the total amount of ad valorem taxes levied by each during the fiscal year preceding the distribution.  In dividing these amounts between each county and its municipalities, the Secretary of Revenue shall treat taxes levied by a merged school administrative unit described in G.S. 115C-513 in a part of the unit located in a county as taxes levied by the county in which that part is located.
After making these allocations, the Secretary shall certify to the State Controller and to the State Treasurer the amount to be distributed to each county and municipality in the State.  The State Controller shall then issue a warrant on the State Treasurer to each county and municipality in the amount certified.
For the purpose of computing the distribution to any county and the municipalities located in the county for any year with respect to which the property valuation of a public service company is the subject of an appeal and the Department of Revenue is restrained by law from certifying the valuation to the county and the municipalities in the county, the Department shall use the last property valuation of the public service company that has been certified.
The chair of each board of county commissioners and the mayor of each municipality shall report to the Secretary of Revenue information requested by the Secretary to enable the Secretary to allocate the amount distributed by this section.  If a county or municipality fails to make a requested report within the time allowed, the Secretary may disregard the county or municipality in allocating the amount distributed by this section.
	(b)	Restrictions on Use. –The amount distributed to each county and municipality shall be used by the county or municipality in proportion to property tax levies made by it for the various funds and activities of the county or municipality, unless the county or municipality has pledged the amount to be distributed to it under this section in payment of a loan agreement with the North Carolina Solid Waste Management Capital Projects Financing Agency.  A county or municipality that has pledged amounts distributed under this section in payment of a loan agreement with the Agency may apply the amount the loan agreement requires.
	(d)	Source. – Funds distributed under this section shall be drawn from collections received under Division II of Article 4 of this Chapter."
Sec. 13. G.S. 105-276 reads as rewritten:
"§ 105-276. Taxation of intangible personal property.
Intangible personal property that is not excluded from taxation under G.S. 	105-275 is subject to this Subchapter.  ."
Sec. 14.  G.S. 105-305 reads as rewritten:
"§ 105-305. Place for listing intangible personal property.
(a)	Listing Instructions. – This section applies to all taxable intangible personal property that has a tax situs in this State and is not required by this Subchapter to be appraised originally by the Department of Revenue.  The place in this State at which this property is taxable shall be determined as provided in this section.  The person whose duty it is to list property shall list it in the county in which the place of taxation is located, indicating on the abstract the information required by G.S. 105-309(d).  If the place of taxation lies within a city or town that requires separate listing under G.S. 105-326(a), the person whose duty it is to list shall also list the property for taxation in the city or town.
(b)	General Rule. – Except as otherwise provided in subsections (c) through (e) of this section, intangible personal property shall be taxable at the residence of the owner.  For the purposes of this section:
(1)	The residence of a person who has two or more places in this State at which the person occasionally dwells shall be the place the person dwelt for the longest period of time during the calendar year immediately preceding the date as of which property is to be listed for taxation.
(2)	The residence of a domestic or foreign taxpayer other than an individual person shall be the place at which its principal North Carolina office is located.
(c)	Intangible personal property representing an interest or interests in real property that is situated in this State shall be taxable in the place in which the represented real property is located.
(d)	The intangible personal property of a decedent whose estate is in the process of administration or has not been distributed shall be taxable in the place at which it would be taxable if the decedent were still alive and still residing in the place at which the decedent resided at the time of death.
(e)	Intangible personal property within the jurisdiction of the State held by a resident or nonresident trustee, guardian, or other fiduciary having legal title to the property shall be taxable in accordance with the following rules:
(1)	If a beneficiary is a resident of the State, an amount representing the beneficiary's portion of the property shall be taxable in the place at which it would be taxable if the beneficiary were the owner of that portion.
(2)	If a beneficiary is a nonresident of the State, an amount representing the beneficiary's portion of the property shall be taxable in the place at which it would be taxable if the fiduciary were the beneficial owner of the property."
Sec. 15.  G.S. 105-282.1(a)(2) reads as rewritten:
"(2)	Owners of the special classes of property excluded from taxation under G.S. 105-275(5), (15), (16), (26), (31), (31a), (31b), (31c), (31(d), (32a), (33), (34), or (40), or exempted under G.S. 105-278.2 are not required to file applications for the exclusion or exemption of that property."
Sec. 16.  G.S. 105-288(d) reads as rewritten:
"(d)	Expenses. – The members of the Property Tax Commission shall receive travel and subsistence expenses in accordance with G.S. 138-5 and a salary of two hundred dollars ($200.00) a day when hearing cases.  The Secretary of Revenue shall supply all the clerical and other services required by the Commission.  All expenses of the Commission and the Department of Revenue in performing the duties enumerated in this Article shall be paid as provided in G.S. 105-275.2."
Sec. 17.  G.S. 108A-93 reads as rewritten:
"§ 108A-93. Withholding of State moneys from counties failing to pay public assistance costs.
The Director of the Budget may withhold from any county that does not pay its full share of public assistance costs to the State and has not obtained a loan for repayment under G.S. 108A-89, any State moneys appropriated from the General Fund for public assistance and related administrative costs, or may direct the Secretary of Revenue and State Controller to withhold any tax owed to a county under G.S. 105-113.82, Subchapter VIII of Chapter 105 of the General Statutes, or Chapter 1096 of the Session Laws of 1967. The Director of the Budget shall notify the chair of the board of county commissioners of the proposed action prior to the withholding of funds."
Sec. 18.  Effective January 1, 1998, G.S. 105-275.2(a2)(5) and (6), as enacted by this act, are repealed.
Sec. 19.  Notwithstanding the provisions of G.S. 105-163.15 and G.S. 105-163.41, no addition to tax shall be made under those sections for a taxable year beginning on or after January 1, 1994, and before January 1, 1995, with respect to any underpayment to the extent the underpayment was created or increased by Section 1 or 2 of this act.
Sec. 20.  Section 8 of this act becomes effective July 1, 1995.  Section 12 of this act becomes effective January 1, 1997.  Sections 10, 11, and 13 through 17 of this act are effective for taxable years beginning on or after January 1, 1996, except that the repeal of G.S. 105-213 by Section 10 of this act becomes effective July 1, 1996.  Section 18 of this act becomes effective January 1, 1998.  The remainder of this act is effective for taxable years beginning on or after January 1, 1994.  This act does not affect the rights or liabilities of the State, a taxpayer, or another person arising under a statute amended or repealed by this act before its amendment or repeal; nor does it affect the right to any refund or credit of a tax that would otherwise have been available under the amended or repealed statute before its amendment or repeal.