North Carolina allows certain items to be excluded from the capital base for purposes of calculating the franchise tax.  In addition to the reservation allowed for depreciation of tangible assets, the General Assembly has added, and made retroactively effective for taxable years beginning on or after January 1, 2007, reservations from surplus or undivided profits amounts that represent amortization of intangible assets as permitted for income tax purposes.[9]

The Department of Revenue has issued a notice concerning refund requests relating to prior tax periods. The notice may be found at