§235-129  Tax credits.  (a)  For
purposes of section 235‑55, each resident shareholder shall be considered
to have paid a tax imposed on the shareholder in an amount equal to the
shareholder's pro rata share of any net income tax paid by the S corporation to
a state that does not measure the income of S corporation shareholders by the
income of the S corporation.  For purposes of the preceding sentence, the term
"net income tax" means any tax imposed on or measured by a
corporation's net income.



(b)  Each shareholder of an S corporation shall
be allowed a credit against the tax imposed by section 235-51 in an amount
equal to the shareholder's pro rata share of the tax credit earned by the S
corporation in this State. [L 1990, c 16, pt of §1; am L 1992, c 105, §1; am L
2007, c 151, §2]



 



Note



 



  The 2007 amendment applies to taxable years beginning after
December 31, 2006.  L 2007, c 151, §4.