NC H323

Reenacts and expands tax credit for C Corporations that donate real property interests in perpetuity for qualifying conservation purposes, including military installation buffers and floodplain protection in disaster counties, with credit equal to 25% of fair market value capped at $500,000 per year.

Reenacts and recodifies tax credit for individuals and pass-through entities donating qualifying real property, with individual credit capped at $250,000 annually (or $500,000 for married couples filing jointly) and pass-through entity credit capped at $500,000 annually.

Adds two new qualifying uses for the tax credits: property donations serving as buffers to limit incompatible land use activities near military installations or training areas, and floodplain protection in counties that experienced Type II or Type III gubernatorial disaster declarations within the preceding five years.

Requires taxpayers claiming credits to file certification from the Department of Environment and Natural and Cultural Resources and appraisal documentation with their tax returns; allows unused credits to be carried forward for five years.

Effective for taxable years beginning on or after January 1, 2021.