| 13 | 13 | | A BILL TO BE ENTITLED 1 |
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| 14 | 14 | | AN ACT TO CREATE A CORPORATE CAMPUS REHABILITATION CREDIT. 2 |
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| 15 | 15 | | The General Assembly of North Carolina enacts: 3 |
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| 16 | 16 | | SECTION 1. G.S. 105-129.71 is amended by adding a new subsection to read: 4 |
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| 17 | 17 | | "(a2) Credit for Corporate Campus. – A taxpayer who is allowed a credit under section 47 5 |
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| 18 | 18 | | of the Code for making qualified rehabilitation expenditures of at least ten million dollars 6 |
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| 19 | 19 | | ($10,000,000) with respect to a certified rehabilitation of an eligible corporate campus is allowed 7 |
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| 20 | 20 | | a credit equal to a percentage of the expenditures that qualify for the federal credit. In order to be 8 |
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| 21 | 21 | | eligible for a credit allowed by this Article, the taxpayer must provide to the Secretary a copy of 9 |
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| 22 | 22 | | the eligibility certification and the cost certification. The amount of the credit is equal to forty 10 |
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| 23 | 23 | | percent (40%) of the qualified rehabilitation expenditures. The qualified rehabilitation 11 |
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| 24 | 24 | | expenditures must be incurred on or after January 1, 2026, and the credit cannot be claimed for 12 |
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| 25 | 25 | | a taxable year beginning prior to January 1, 2023. When the eligible site is placed into service in 13 |
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| 26 | 26 | | two or more phases in different years, the amount of credit that may be claimed in a year is the 14 |
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| 27 | 27 | | amount based on the qualified rehabilitation expenditures associated with the phase placed into 15 |
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| 28 | 28 | | service during that year. 16 |
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| 29 | 29 | | For purposes of this subsection, the term "eligible corporate campus" is a site located in this 17 |
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| 30 | 30 | | State that satisfies all of the following conditions: 18 |
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| 31 | 31 | | (1) It is a certified historic structure or a State-certified historic structure. 19 |
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| 32 | 32 | | (2) The building(s) at one time served as a corporate headquarters. 20 |
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| 33 | 33 | | (3) It is located on a parcel or common-owned parcels comprising a minimum of 21 |
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| 34 | 34 | | 20 acres of land. 22 |
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| 35 | 35 | | (4) It is subject to a preservation agreement as defined in G.S. 121-35. 23 |
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| 36 | 36 | | (5) It has been listed on the National Register of Historic Places and certified as 24 |
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| 37 | 37 | | a local landmark by a county or municipality. 25 |
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| 38 | 38 | | (6) It has been at least eighty percent (80%) vacant for a period of at least two 26 |
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| 39 | 39 | | years immediately preceding the date the eligibility certification is issued." 27 |
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| 40 | 40 | | SECTION 2. This act is effective for taxable years beginning on or after January 1, 28 |
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| 41 | 41 | | 2026. 29 |
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