Individual Income Tax, Pass-Through Entities, and Withholding Bulletin

The Individual Income Tax, Pass-Through Entities, and Withholding Bulletin was prepared for the purpose of presenting the administrative interpretation and application of North Carolina income tax laws relating to individuals, partnerships, estates, and trusts, and income tax withholding in effect at the time of publication. This publication supplements the information in the Administrative Rules but does not supersede the Administrative Rules. In addition, this bulletin does not cover all provisions of the law.

Taxpayers are cautioned that this publication is intended merely as a guide and that consideration must be given to all the facts and circumstances in applying this bulletin to particular situations. Taxpayers using this publication should be aware that additional changes may result from legislative action, court decisions, and rules adopted or amended under the Administrative Procedure Act, Chapter 150B of the General Statutes. To the extent there is any change to a statute, administrative rule, or new case law subsequent to the date of this publication, the provisions in this bulletin may be superseded or voided.

Individual Income Tax, Pass-Through Entities, and Withholding Bulletin Reflecting Changes Made in the 2016 Regular Session of the North Carolina General Assembly

Table of Contents

  1. Filing Individual Income Tax Returns
  2. Filing Requirements
  3. Computation of North Carolina Taxable Income
  4. Bonus Asset Basis
  5. Bailey Settlement
  6. Net Operating Losses
  7. Nonresidents and Part-year Residents
  8. S Corporations
  9. Estates and Trusts
  10. Partnerships
  11. Taxable Status of Distributions from Regulated Investment Companies
  12. Tax Credits
    1. Overview
    2. Article 4 Credits
      • Overview
      • Credit for Corporate Tax Paid by S Corporation to another State or Country
      • Credit for Income Tax Paid to another State or Country
      • Credit for Children
    3. Tax Incentives for New and Expanding Businesses (Article 3A)
    4. Business & Energy Tax Credits (Article 3B)
      • General Information
      • Credit for Investing in Renewable Energy Property
      • Credit for Constructing Renewable Fuel Facilities
      • Credit for Biodiesel Producers
      • Work Opportunity Tax Credit
      • Credit for Donations to a Nonprofit Organization or Unit of State or Local Government for Acquisition of Renewable Energy Property
    5. Historic Rehabilitation Tax Credits (Article 3D)
      • General Information
      • Credit for Rehabilitating Income-Producing Historic Structure
      • Credit for Rehabilitating Nonincome-Producing Historic Structure
    6. Credit for Mill Rehabilitation (Article 3H)
      • General Information
      • Credit for income-producing rehabilitated mill property
      • Credit for nonincome-producing rehabilitated mill property
    7. Tax Credits for Growing Businesses (Article 3J)
    8. Tax Incentive for Railroad Intermodal Facility (Article 3K)
    9. Historic Rehabilitation Tax Credits (Article 3L)
      • General Information
      • Credit for Rehabilitating Income-Producing Historic
      • Credit for Rehabilitating Nonincome-Producing Historic Structure
  13. Statute of Limitations and Federal Determinations
  14. Penalties, Interest, and Required Filing of Information Returns
  15. Miscellaneous
  16. Withholding of Income Tax
  17. Reporting and Paying Tax Withheld
  18. Estimated Income Tax
  19. Interest on Underpayment of Estimated Income Tax
  20. Taxpayer’s Bill of Rights

 

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