NC S752

Modifies the corporate income tax apportionment formula by eliminating the double weighting of the sales factor for corporations other than public utilities, excluded corporations, and qualified capital intensive corporations.

Changes the apportionment fraction denominator from four to three by removing the duplicate weighting of the sales factor in the numerator.

Adjusts the denominator calculation rules: if one factor does not exist, the denominator equals the number of existing factors; if all factors exist, the denominator is three.

Effective for taxable years beginning on or after January 1, 2011.