NC S684

Creates a 25% state tax credit for charitable contributions of at least $1,000 to endowed funds held by qualified community foundations in North Carolina, available to both individuals and C corporations.

Caps the credit at $50,000 per taxpayer per year, with a total statewide cap of $12,500,000 annually across all taxpayers; if demand exceeds the cap, credits are prorated proportionally.

Requires taxpayers to file applications by April 15 of the year following the contribution and prohibits taking both the credit and a federal deduction for the same donation (add-back required).

Allows unused credits to be carried forward for five years and limits credits to the taxpayer's actual tax liability for the year.

Effective for taxable years beginning on or after January 1, 2025, with automatic repeal on January 1, 2030.