2005 William S. Lee Act Credit Report

The Department of Revenue is required to publish a report on William S. Lee Act credits each year under G.S. 105-129.6(b). As required, the report includes information on all returns processed during the 12-month period ending December 31, 2004 on which Lee Act credits were claimed. It should be noted that while most of the returns processed during this period were submitted for the 2003 tax year, some were submitted for previous tax years.

The information provided in the reports reflects the amounts shown by taxpayers on their tax forms. Some of the credits shown may have been taken in error by the taxpayer, either deliberately or through a misunderstanding of the eligibility requirements. In some cases, it appears that taxpayers meant to claim one credit, but incorrectly listed the amount on the line for another credit, possibly one for which they were not eligible. The Department took a strict interpretation of the requirement to report the amounts claimed by the taxpayer and did not attempt to correct this type of error for the report.

In all cases, the information in this report and the databases from which it was generated are available to the Department’s Examination Division. That Division will use the data to identify taxpayers who should be subjected to an audit.

2005 William S. Lee Article 3A Credit Report For Returns Processed During CY 2004

• Summary of Credits Generated
• Summary of Credits Taken
• Creating Jobs
• Machinery and Equipment Investment
• Creating Jobs in Development Zones
• Worker Training
• Research and Development
• Investing in Central Office or Aircraft Facility
• Details of Credits Generated by Taxpayer
• Details of Credits Taken by Taxpayer