NC H953

Allows C Corporations and individuals/pass-through entities to transfer unused conservation tax credits to other taxpayers instead of claiming them directly, with transferred credits applicable against any tax imposed by the respective articles.

Imposes a 2% fee on the amount of credit transferred, paid by the transferring taxpayer to the Department of Revenue for administration costs.

Permits subsequent transferees to further transfer received credits to other taxpayers, and requires all transferring taxpayers to file reports with the Secretary listing the recipient and transfer amount.

Establishes that if a donation is later determined to be ineligible, the original taxpayer and all subsequent transferees remain liable for taxes avoided proportionately based on the credit value claimed.

Effective for taxable years beginning on or after January 1, 2013, and applies to the existing 25% conservation tax credit on qualified donations of real property interests for conservation purposes.