GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 204

Short Title:  Child Care Credit/Nonresidents.	(Public)

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Sponsors: Senators Webster; East, Hartsell, Davis, Little, Forrester, Carpenter, McDaniel, Foxx, Shaw, Rand, Carrington, and Kerr.

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Referred to:  Finance.

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February 15, 1995

A BILL TO BE ENTITLED
AN ACT AUTHORIZING NONRESIDENT TAXPAYERS TO CLAIM THE TAX CREDIT FOR CHILD CARE AND CERTAIN EMPLOYMENT-RELATED EXPENSES.
The General Assembly of North Carolina enacts:
Section 1.   G.S. 105-151.11(c) reads as rewritten:
	"(c)	Limitations. –  No credit shall be allowed under this section for amounts deducted from gross income in calculating taxable income under the Code.  A nonresident or part-year resident who claims the credit allowed by this section shall reduce the amount of the credit by multiplying it by the fraction calculated under G.S. 105-134.5(b) or (c), as appropriate.  The credit allowed by this section may not exceed the amount of tax imposed by this Division for the taxable year reduced by the sum of all credits allowable under this Division, except for payments of tax made by or on behalf of the taxpayer.  "
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1995.