NC H290

Reinstates and modifies a 25% tax credit for C Corporations that donate real property interests in perpetuity to the State, local governments, or qualified conservation organizations for farmland preservation, fish and wildlife conservation, military installation buffers, floodplain protection, historic landscape conservation, or public trail access.

Caps the annual C Corporation tax credit at $500,000 per taxable year and allows unused credits to carry forward for five years.

Reinstates and recodifies a 25% tax credit for individuals and pass-through entities making similar qualified property donations, with an annual cap of $250,000 for individuals and $500,000 for married couples filing jointly and pass-through entities.

Requires taxpayers to submit certification from the Department of Environment and Natural and Cultural Resources and an appraisal report (or county appraised value for fee simple donations) to claim the credit.

Applies to taxable years beginning on or after January 1, 2023.