A BILL TO BE ENTITLED
AN ACT to reenact the research and development tax credit.
The General Assembly of North Carolina enacts:
SECTION 1.  Article 3F of Chapter 105 of the General Statutes is reenacted as it existed immediately before its repeal.
SECTION 2.  G.S. 105‑129.50, as reenacted by Section 1 of this act, reads as rewritten:
"§ 105‑129.50.  Definitions.
The definitions in section 41 of the Code apply in this Article. In addition, the following definitions apply in this Article:
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(2)	Full‑time job. – A position that requires at least 1,600 hours of work per year and is intended to be held by one employee during the entire year. A full‑time employee is an employee who holds a full‑time job.
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(8)	Related person. – A person described in one of the relationships set forth in section 267(b) or 707(b) of the Code.
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SECTION 3.  G.S. 105‑129.51, as reenacted by Section 1 of this act, reads as rewritten:
"§ 105‑129.51.  Sunset.
	
(b)	This Article is repealed for taxable years beginning on or after January 1, 2030.
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SECTION 4.  This act is effective for taxable years beginning on or after January 1, 2023, and is applicable to the calculation of franchise tax reported on the 2022 and later corporate income tax returns.