GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

H	1 

HOUSE BILL 396

Short Title:  Expand Ports Tax Credit/AB.	(Public)

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Sponsors: Representatives McComas; Barbee, Buchanan, Carpenter, Clary, Cocklereece, Decker, Grady, Hill, Nye, Pate, Preston, Pulley, Redwine, Sharpe, Sherrill, Snowden, Tallent, G. Wilson, and Wright.

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Referred to:  Finance.

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March 9, 1995

A BILL TO BE ENTITLED
AN ACT TO EXPAND THE STATE PORTS TAX CREDIT.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.41 reads as rewritten:
"§ 105-130.41.  Credit for North Carolina State Ports Authority wharfage, handling, and throughput charges.
(a)	Credit. – A taxpayer whose waterborne cargo is loaded onto or unloaded from an ocean carrier calling at the State-owned port terminal at Wilmington or Morehead City, without consideration of the terms under which the cargo is moved, is allowed a credit against the tax imposed by this Division. The amount of credit allowed is equal to the excess of the wharfage, handling (in or out), and through put charges assessed on the cargo for the current taxable year over an amount equal to the average of the charges for the current taxable year and the two preceding taxable years. The credit applies to break-bulk cargo, bulk cargo, and container cargo including less-than-container-load  cargo. To obtain the credit, taxpayers must provide to the Secretary a statement from the State Ports Authority certifying the amount of charges for which a credit is claimed and any other information required by the Secretary.
(b)	Limitations. – This credit may not exceed fifty percent (50%) of the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the corporation. Any unused portion of the credit may be carried forward for the succeeding five years. The maximum cumulative credit that may be claimed by a corporation under this section is one million dollars ($1,000,000).
(c)	Definitions. – For purposes of this section, the terms " 'handling' (in or out) and 'wharfage' have the meanings provided in the State Ports Tariff Publications, 'Wilmington Tariff, Terminal Tariff #6,' and 'Morehead City Tariff, Terminal Tariff #1.' For purposes of this section, the term 'through put' has the same meaning as 'wharfage' but applies only to bulk products, both dry and liquid."
Sec. 2.  G.S. 105-151.22 reads as rewritten:
"§ 105-151.22.  Credit for North Carolina State Ports Authority wharfage, handling, and throughput charges.
(a)	Credit. – A taxpayer whose waterborne cargo is loaded onto or unloaded from an ocean carrier calling at the State-owned port terminal at Wilmington or Morehead City, without consideration of the terms under which the cargo is moved, is allowed a credit against the tax imposed by this Division. The amount of credit allowed is equal to the excess of the wharfage, handling (in or out), and through put charges assessed on the cargo for the current taxable year over an amount equal to the average of the charges for the current taxable year and the two preceding taxable years. The credit applies to break-bulk cargo, bulk cargo, and container cargo including less-than-container-load cargo. To obtain the credit, taxpayers must provide to the Secretary a statement from the State Ports Authority certifying the amount of charges for which a credit is claimed and any other information required by the Secretary.
(b)	Limitations. – This credit may not exceed fifty percent (50%) of the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable, except tax payments made by or on behalf of the taxpayer. Any unused portion of the credit may be carried forward for the succeeding five years. The maximum cumulative credit that may be claimed by a taxpayer under this section is one million dollars ($1,000,000).
(c)	Definitions. – For purposes of this section, the terms " 'handling' (in or out) and 'wharfage' have the meanings provided in the State Ports Tariff Publications, 'Wilmington Tariff, Terminal Tariff #6,' and 'Morehead City Tariff, Terminal Tariff #1.' For purposes of this section, the term 'through put' has the same meaning as 'wharfage' but applies only to bulk products, both dry and liquid."
Sec. 3.  Section 4 of Chapter 977 of the 1991 Session Laws reads as rewritten:
"Sec. 4.  This act is effective for taxable years beginning on or after March 1, 1992.  "
Sec. 4.  This act is effective for taxable years beginning on or after January 1, 1995.