Midrex Technologies, Inc. v. N.C. Department of Revenue

ERVIN, Justice.

The issue in this case is whether petitioner Midrex Technologies, Inc. (Midrex) is entitled to utilize the single-factor tax allocation formula authorized by N.C.G.S. § 105-130.4(r) and made available to exempt corporations “engaged in business as a building or construction contractor” by N.C.G.S. § 105-130.4(a)(4). For the reasons set forth below, we affirm the trial court’s decision to uphold the administrative law judge’s determination that Midrex was not an “excluded corporation” for purposes of N.C.G.S. § 105-130.4(a)(4) during the relevant time period.

Midrex, a Delaware…