Enacts new GS 105-153.11 to provide a credit for a taxpayer who makes a cash contribution to a qualified charitable organization equal to the amount of the cash donation. Defines qualified charitable organization as an organization incorporated in this State that (1) is exempt from federal income tax under section 501(c)(3) of the Code or (2) is a volunteer fire department or a volunteer rescue or emergency medical services squad that is exempt from federal income tax under section 501(c)(4) of the Code. The credit may not exceed the lesser of the specified amounts ($200 for married filing jointly, $150 for head of household, and $100 for single or married filing separately) or the amount of the tax imposed for the taxable year reduced by the sum of all allowed credits. A taxpayer claiming this credit is not allowed to deduct the donation as a charitable contribution.
Effective for taxable years beginning on or after January 1, 2019.
Bill H 894 (2019-2020)Summary date: Apr 18 2019 - View summary