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NC S449

Bill

Official Source

Status

Introduced

3/30/2023

Primary Sponsor

James Woodard

Click for details

Origin

Senate

2023-2024 Session

AI Summary

  • Creates a tax credit equal to 25% of charitable contributions for North Carolina taxpayers who claim the standard deduction instead of itemizing deductions
  • Applies to charitable contributions made under section 170 of the Internal Revenue Code
  • Nonresident and part-year residents must reduce the credit proportionally based on the fraction of income subject to North Carolina taxation
  • Credit cannot exceed the taxpayer's total tax liability for the year, minus all other allowable credits (excluding tax payments already made)
  • Effective for taxable years beginning on or after January 1, 2023

Legislative Description

Standard Deduction Charitable Contributions

Individual Income

Last Action

Ref To Com On Rules and Operations of the Senate

4/3/2023

Committee Referrals

Rules and Operations of the Senate4/3/2023

Full Bill Text

No bill text available