Screen NC478G - North Carolina Credit - Investing in Renewable Energy (1065)

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Credit History Information

Use this section to enter the renewable energy property credit history information for all establishments for nonresident partners paying tax with Form D-403.
Initial Eligible Credit Amount
Enter the total initial eligible credit amounts for nonresident filers paying tax with Form D-403 for prior years.
UltraTax CS calculates the current year portion of the prior-year installment amount as the prior year’s initial eligible credit amount less the expired credit amount, divided by 5 years. These amounts are used to complete Form NC-478G, Part 5, Renewable Energy Property for Business Purposes Credit History Table.
Expired Credit Amounts
Use the statement to enter the amount of any expired credit. The application reduces the initial eligible credit amount by the amount of expired credit to calculate prior-year and further eligible installments. These amounts are used to complete Form NC-478G, Part 5, Renewable Energy Property for Business Purposes Credit History Table.
note
These credit amounts should be specially allocated to nonresident partners paying tax with Form D-403. If an amount isn't specially allocated, UltraTax CS allocates the amount to all partners based on their profit percentage.
Credit Taken / Portion of Annual Installment Not Taken
Use the statement to enter the amount of credit taken and the portions of annual installments not taken in prior years. Enter only those amounts allocable to nonresident partners paying tax with Form D-403. The application uses this information to complete Form NC-478G, Part 5, Renewable Energy Property for Business Purposes Credit History Table.
note
These credit amounts should be specially allocated to nonresident partners paying tax with Form D-403. If an amount isn't specially allocated, UltraTax CS allocates the amount to all partners based on their profit percentage.
Additional carryforwards not taken
Enter the total of additional unused credits (net of expired credits) transferred forward from prior years. Enter only those amounts allocable to nonresident partners paying tax with Form D-403. This amount transfers to Form NC-478G, Part 4, line 4.
note
This credit amount should be specially allocated to nonresident partners paying tax with Form D-403. If this amount isn't specially allocated, UltraTax CS allocates the amount to all partners based on their profit percentage.

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