Amends GS 105-129.105 (Credit for rehabilitating income-producing historic structure). Current law permits a pass-through entity that qualifies for the tax credit to allocate the credit among any of its owners, in its discretion, so long as the owner's adjusted basis in the entity at the end of the taxable year in which the certified historic structure is placed in service is at least 40% of the amount of credit allocated to the owner. This act specifies that a pass-through entity that qualifies for the tax credit can allocate the credit among its owners, subject to the described requirements, without regard to any provision of the Internal Revenue Code or regulations promulgated pursuant to the Code that may be interpreted to the contrary or treating it as a disguised sale.