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NC S504
Bill
AI Summary
- Creates a tax credit equal to 25% of charitable contributions for North Carolina taxpayers who elect to take the standard deduction instead of itemizing deductions
- Applies to taxpayers making charitable contributions under Section 170 of the Internal Revenue Code who use the standard deduction amount under G.S. 105-153.5(a)(1)
- Requires nonresidents and part-year residents to reduce the credit by multiplying it by the applicable fraction calculated under G.S. 105-153.4(b) or (c)
- Limits the credit to the amount of tax imposed for the taxable year, reduced by the sum of all other credits allowed, excluding tax payments made by or on behalf of the taxpayer
- Effective for taxable years beginning on or after January 1, 2021
Legislative Description
Standard Deduction Charitable Contributions
Public
Last Action
Ref To Com On Rules and Operations of the Senate
4/6/2021
Committee Referrals
Rules and Operations of the Senate4/6/2021
Full Bill Text
No bill text available