Bill Summary for H 886 (2011-2012)

Printer-friendly: Click to view
Bill: INCREASE CHARITABLE CONTRIBUTION DEDUCTION.

Summary date: 

May 3 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 886 (Public) Filed Tuesday, May 3, 2011
TO INCREASE THE LIMITS ON CORPORATE INCOME TAX DEDUCTIONS FOR CHARITABLE CONTRIBUTIONS IN CONFORMANCE WITH THE INTERNAL REVENUE CODE.
Intro. by Moffitt, Brawley, Stam, Setzer.

View: All Summaries for BillTracking:

Bill summary

Amends GS 105-130.9, as title indicates, to allow a deduction of 10% (currently, 5%) of a corporation’s net income for charitable contributions, as defined. Specifies that any unused portion of a deduction may be carried forward for the next succeeding five years (currently, carryover is not allowed). Makes a conforming change. Effective for taxable years beginning on or after January 1, 2013.