1921 extra session public laws – Ch.105 Sec.1

That section. three hundred and one of chapter thirty-four of the Public Laws of one thousand nine hundred and twenty-one, known as the Revenue Act, be amended by adding thereto the following paragraph as paragraph (g) In the case of insurance companies or associations paying a tax on their gross premium receipts, in addition to the above: (A) The net addition required by law to be made within the taxable year to reserve funds (including the actual deposit of sums with the Commissioner of Insurance or the Treasurer of the State pursuant to law as additions to guarantee or reserve funds for benefit of policyholders in this State), for the business done in the tax year in the State of North Carolina; and (B) the sums paid within the taxable year on policy and annuity contracts to policyholders in the State of North Carolina; (C) the said insurance companies are and shall be permitted to deduct the tax paid under the provisions of the income tax law of this State from the amount of tax paid under section sixty-seven of chapter thirty-four, Public Laws, of one thousand nine hundred and twenty-one, being known as the Revenue Act.