Make sure you read the requirements ahead of time. The income tax varies ONLY and directly with income earned from business activity in the state.This form is for general instructions that apply to all corporation tax forms. It includes a variety of topics about how to fill out your form. A homestead exemption is a legal provision that helps to reduce the amount of property taxes on owner-occupied homes. The home must be your primary residence. A corporation, such as plaintiff here, whose commercial domicile is in North Carolina must pay income tax on dividends received on stock which it owns.