NC H713

Exempts the film credit under G.S. 105-130.47 from the add-back requirement where corporations must add back credits taken against North Carolina income tax when calculating state net income.

Allows corporations to request alternative apportionment formulas for up to 3 tax years instead of being limited to the statutory apportionment method for calculating taxable income.

Creates a 15-year alternative apportionment option for corporations that sign a letter of commitment with the Secretary of Commerce by September 15, 2010, to invest at least $500 million in a development tier one area within 5 years of construction start.

Applies the 15-year alternative apportionment provision to both income tax apportionment under Article 4 and capital stock apportionment for franchise tax purposes.

Effective for taxable years beginning January 1, 2011, with apportionment provisions effective upon enactment for requests filed after that date.