NC H1146

Makes the individual income tax credit for children with disabilities who require special education refundable rather than non-refundable.

Changes the credit from a carryforward mechanism (allowing unused portions to carry forward for three years) to a refundable credit that can be refunded as an overpayment.

Specifies that when multiple credits are allowed, nonrefundable credits are subtracted before refundable credits in computing tax liability.

Effective for taxable years beginning on or after January 1, 2012, and applies to semesters for which the credit is claimed beginning on or after that date.