NC S476

Allows individuals to claim a $10,000 tax credit against North Carolina income tax for purchasing or contracting to build a new home residence, taken in five equal annual installments beginning the year of purchase.

Defines "new home residence" as a single-family home or multifamily unit that is newly constructed by a licensed general contractor, never previously occupied, and purchased from a contractor or licensed business entity.

Limits total credits to $100,000,000 aggregate and $20,000,000 annually, allocating credits on a first-come, first-served basis if applications exceed the annual cap.

Requires taxpayers to file an application with the Secretary within one week of closing or contract execution; credit does not apply if building permit or contract predates July 1, 2011.

Imposes forfeiture of all remaining credits if the home is sold or not occupied as primary residence within 24 months, except in cases of death, divorce transfer, or destruction followed by replacement home purchase within six months.