NC H575

Creates an income tax credit for unpaid members of volunteer fire departments and volunteer rescue or emergency medical services squads for unreimbursed ordinary and reasonable business expenses related to their rescue work.

Limits the credit to the lesser of $500.00 per taxable year or the amount of tax imposed reduced by other allowable credits.

Requires eligible firefighters to attend at least 36 hours of fire department drills and meetings during the taxable year to qualify for the credit.

Requires eligible rescue squad workers to attend at least 36 hours of rescue squad training and meetings during the taxable year to qualify for the credit.

Prevents taxpayers from claiming the credit as both an eligible firefighter and an eligible rescue squad worker in the same taxable year; effective for taxable years beginning on or after January 1, 2021.