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NC H886

Bill

Official Source

Status

Engrossed

6/15/2011

Primary Sponsor

Mitchell Setzer

Click for details

Origin

House of Representatives

2011-2012 Session

AI Summary

  • Increases the corporate income tax deduction limit for charitable contributions from 5% to 10% of net income under G.S. 105-130.9(1)
  • Allows unused charitable contribution deductions to be carried forward for the next five succeeding years, replacing the previous prohibition on carryovers
  • Increases the deduction limit for corporations allocating income outside North Carolina from 5% to 10% of total income allocated to North Carolina under G.S. 105-130.9(3)
  • Aligns North Carolina's charitable contribution deduction limits with the federal Internal Revenue Code
  • Effective for taxable years beginning on or after January 1, 2014

Legislative Description

Increase Charitable Contribution Deduction

Last Action

Ref To Com On Finance

6/15/2011

Committee Referrals

Finance5/4/2011

Full Bill Text

No bill text available