North Carolina Renews and Amends the State Work Opportunity Tax Credit Program
The North Carolina Work Opportunity Tax Credit (WOTC) program, which expired 12/31/2011, has been renewed and amended for taxable year 2013. New law H.B. 82, allows taxpayers
the opportunity to claim a portion of the federal work opportunity credit against North Carolina corporate income tax. The nonrefundable credit is equal to 3% (reduced from 6%) of the federal credit for wages paid during the taxable year for positions located in NC. The credit may offset up to 50% of the corporate franchise, personal income, or the corporate income tax liabilities. The program is retroactive to 2007 and the credit is 6% for any year prior to 2013. The credit is set to expire for taxable years beginning on or after 1/1/2014.
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