House committee substitute makes the following changes to 1st edition. Changes effective date of act to taxable years beginning on or after January 1, 2014 (was, on or after January 1, 2013). Makes technical changes.
Bill Summaries: H 886 INCREASE CHARITABLE CONTRIBUTION DEDUCTION.
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Tracking:
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Bill H 886 (2011-2012)Summary date: Jun 14 2011 - View Summary
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Bill H 886 (2011-2012)Summary date: May 3 2011 - View 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.