STANDARD DEDUCTION CHARITABLE CONTRIBUTIONS.

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View NCGA Bill Details2023-2024 Session
Senate Bill 449 (Public) Filed Thursday, March 30, 2023
AN ACT TO ALLOW A TAX CREDIT FOR CHARITABLE CONTRIBUTIONS BY A TAXPAYER THAT ELECTS TO TAKE THE STANDARD DEDUCTION.
Intro. by Woodard, Alexander.

Status: Ref To Com On Rules and Operations of the Senate (Senate action) (Apr 3 2023)

Bill History:

S 449

Bill Summaries:

  • Summary date: Mar 30 2023 - View Summary

    Enacts GS 105-153.11 to provide a tax credit applicable to individual State income tax in the amount of 25% of charitable contributions made by a taxpayer under section 170 of the Internal Revenue Code for a taxpayer who deducts the standard deduction provided for taxpayers under GS 105-153.5(a)(1) for the taxable year. Requires nonresidents or part-year residents to reduce the credit as appropriate under GS 105-153.4. Bars the credit from exceeding the amount of tax income tax imposed for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer. Effective for taxable years beginning on or after January 1, 2023.