Reenacts GS 105-130.34 as it existed immediately before its expiration; reenacts GS 105-151.12 as it existed immediately before its expiration and recodifies it as GS 105-153.11. Amends the tax credit allowed for real property donations by C corporations or individuals and pass-through entities set forth in GS 105-130.34 and GS 105-153.11 as follows. Current law allows for a tax credit in the amount of 25% of the donated property interest that is useful for public beach access or use, public access to public waters or trails, fish and wildlife conservation, forestland or farmland conservation, watershed protection, conservation of natural areas, conservation of natural or scenic river areas, conservation of predominantly natural parkland, or historic landscape conservation. Amends both statutes to enact identical provisions to instead allow for a tax credit in the amount of 25% of the donated property interest that is useful for (1) farmland preservation, (2) fish and wildlife conservation, (3) as a buffer to limit land use activities that would restrict, impede, or interfere with military training, testing, or operations on a military installation or training area or otherwise be incompatible with the mission of the installation, or (4) floodplain protection in a county that was the subject of a Type II or Type III gubernatorial disaster declaration as a result of a natural disaster in the five years preceding the donation. No longer requires certification by the Department of Environmental Quality and instead requires certification by the Department of Natural and Cultural Resources that the property is suitable for one or more of the valid public benefits specified to support a credit claimed. Makes clarifying changes.
Further amends GS 105-153.11, concerning the credit for real property donations by an individual or pass-through entity, to bar eligibility for any portion of a qualifying donation that is a basis for the credit allowed under the statute from deduction as a charitable donation under GS 105-130.9. Eliminates an outdated provision for the donation of marshland.
Effective for taxable years beginning on or after January 1, 2021.
Bill H 323 (2021-2022)Summary date: Mar 17 2021 - View summaryAgriculture, Business and Commerce, Corporation and Partnerships, Development, Land Use and Housing, Property and Housing, Environment, Aquaculture and Fisheries, Environment/Natural Resources, Government, State Agencies, Department of Natural and Cultural Resources (formerly Dept. of Cultural Resources), Tax, Military and Veteran's Affairs