North Carolina Historic Rehabilitation Tax Credits
Extracted from PDF file 2019-north-carolina-nc-rehab.pdf, last modified August 2019
Historic Rehabilitation Tax Credits.............. == ====m=!u: •· ···=!!! .::::••==·-·-::: :• Do Not Include This Page • RI NC D(i) NORTH CAROLINA DEPARTMENT OF REVENUE Instructions For Handwritten Forms Before Sending Guidelines Do not use red ink. Use blue or black ink. Printing ,,___(8) ® Do not use dollar signs, commas, or other punctuation marks. , 1 t®I ocopies of returns. Submit originals only. Set page scaling to "none." The Auto-Rotate and Center checkbox should be unchecked. 1� Do not select "print on both sides of paper." c; ;�1 Do not mix form types. Web 8-19 NC-Rehab DOR Use Only 2019 Historic Rehabilitation Tax Credits 19 For calendar year 2019 or other tax year beginning Fill in the circle that corresponds to the tax form you filed: Individual (D-400) Estate or Trust (D-407) Individual’s First Name (USE CAPITAL LETTERS ) M.I. Amended Return and ending C-Corp (CD-405) S-Corp (CD-401S) Individual’s Last Name (USE CAPITAL LETTERS ) Entity’s Legal Name (USE CAPITAL LETTERS ) Insurance (IB-13, 33, 43, 53, 4A1, 4A2, or 4A3) Partnership (D-403) Individual’s Social Security Number Federal Employer ID Number Part 1. Qualifying Information Is taxpayer allowed a federal income tax credit under Section 47 of the Internal Revenue Code? (Fill in applicable circle) Type of Historic Structure (Fill in applicable circle) Income-producing Yes No Nonincome-producing Address and County Where Historic Structure is Placed in Service (If you have qualified rehabilitation expenditures or rehabilitation expenses at multiple locations, list the address of each location.) Part 2. Computation of Credit for Rehabilitating an Income-Producing Historic Structure (You can only take this credit if you are allowed a federal income tax credit under section 47 of the Code.) 1. Total qualified rehabilitation expenditures 2. Maximum expenditures 3. Amount of Line 1 that qualifies for the credit Compare Line 1 with Line 2. Enter the lesser of Line 1 or Line 2. 4. Enter the amount of Line 3 up to $10 million 5. Multiply Line 4 by fifteen percent (15%) 6. Line 3 minus Line 4 7. Multiply Line 6 by ten percent (10%) 8. Expenditures in a development zone Enter the amount of Line 3 for expenditures made in a development tier 1 or tier 2 area. 9. Development tier bonus Multiply Line 8 by 5%. 10. Expenditures on a targeted investment site Enter the amount of Line 3 for expenditures made on a targeted investment site. 11. Targeted investment bonus Multiply Line 10 by 5%. 12. Credit for Rehabilitating an Income-Producing Historic Structure Add Lines 5, 7, 9, and 11. , , .00 2 0,0 0 0,0 0 0 .00 , , .00 , , .00 , , .00 , , .00 , , .00 , , .00 , , .00 , , .00 , , .00 , , .00 Page 2 NC-Rehab Web, 8-19 Name SSN or FEIN Part 3. Computation of Credit Amount for Rehabilitating a Nonincome-Producing Historic Structure (You can only take this credit if you are not allowed a federal income tax credit under section 47 of the Code and you have rehabilitation expenses of at least $10,000 per discrete property parcel. If you invested in more than one discrete property parcel, complete a separate Part 3 for each property parcel.) , , .00 1 5 0,0 0 0 .00 , .00 , .00 13. Total rehabilitation expenses per discrete property parcel Amount must be $10,000 or greater. 14. Maximum expenses 15. Amount of Line 13 that qualifies for the credit Compare Line 13 with Line 14. Enter the lesser of Line 13 or Line 14. 16. Credit for Rehabilitating a Nonincome-Producing Historic Structure Multiply Line 15 by 15%. Part 4. Computation of Amount To Be Taken in 2019 17. Credit for Rehabilitating an Income-Producing Historic Structure for Tax Year 2019 Enter amount from Part 2, Line 12 here. 18. Carryforwards Enter portion of credit not taken from previous years here. 19. Total Credit Amount Add Lines 17 and 18. 20. Credit for Rehabilitating a Nonincome-Producing Historic Structure for Tax Year 2019 Enter amount from Part 3, Line 16 here. 21. Carryforwards Enter portion of credit not taken from previous years here. 22. Total Credit Amount Add Lines 20 and 21. Franchise , , , Income , , , .00 .00 .00 , , , .00 .00 .00 , , , , , , .00 .00 .00 , , , .00 .00 .00
More about the North Carolina NC-Rehab Corporate Income Tax Tax Credit TY 2019
We last updated the Historic Rehabilitation Tax Credits in March 2020, so this is the latest version of NC-Rehab, fully updated for tax year 2019. You can download or print current or past-year PDFs of NC-Rehab directly from TaxFormFinder. You can print other North Carolina tax forms here.
Other North Carolina Corporate Income Tax Forms:
|Form Code||Form Name|
|Form D-403||Partnership Income Tax Return|
|Form NC K-1-D407||Beneficiary's Share of North Carolina Income, Adjustments, and Credits|
|Form NC K-1-D403||Partner's Share of North Carolina Income, Adjustments, and Credits|
|Form CD-401S||S Corporation Tax Return|
|Form NC K-1 401S||Shareholder's Share of North Carolina Income, Adjustments, and Credits|
North Carolina usually releases forms for the current tax year between January and April. We last updated North Carolina NC-Rehab from the Department of Revenue in March 2020.
NC-Rehab is a North Carolina Corporate Income Tax form. States often have dozens of even hundreds of various tax credits, which, unlike deductions, provide a dollar-for-dollar reduction of tax liability. Some common tax credits apply to many taxpayers, while others only apply to extremely specific situations. In most cases, you will have to provide evidence to show that you are eligible for the tax credit, and calculate the amount of the credit to which you are entitled.
About the Corporate Income Tax
The IRS and most states require corporations to file an income tax return, with the exact filing requirements depending on the type of company.
Sole proprietorships or disregarded entities like LLCs are filed on Schedule C (or the state equivalent) of the owner's personal income tax return, flow-through entities like S Corporations or Partnerships are generally required to file an informational return equivilent to the IRS Form 1120S or Form 1065, and full corporations must file the equivalent of federal Form 1120 (and, unlike flow-through corporations, are often subject to a corporate tax liability).
Additional forms are available for a wide variety of specific entities and transactions including fiduciaries, nonprofits, and companies involved in other specific types of business.
Historical Past-Year Versions of North Carolina NC-Rehab
We have a total of two past-year versions of NC-Rehab in the TaxFormFinder archives, including for the previous tax year. Download past year versions of this tax form as PDFs here:
While we do our best to keep our list of North Carolina Income Tax Forms up to date and complete, we cannot be held liable for errors or omissions. Is the form on this page out-of-date or not working? Please let us know and we will fix it ASAP.