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

(b)  Each shareholder of an S corporation shallbe allowed a credit against the tax imposed by section 235-51 in an amountequal to the shareholder's pro rata share of the tax credit earned by the Scorporation in this State. [L 1990, c 16, pt of §1; am L 1992, c 105, §1; am L2007, c 151, §2]

 

Note

 

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