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ND HB1497
Bill
Status
1/18/2021
Primary Sponsor
Sebastian Ertelt
Click for details
AI Summary
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Allows individuals a tax credit equal to 40% of charitable gifts made to qualified endowments or qualified nonprofit organizations incorporated or established in North Dakota for at least two years.
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Sets minimum gift thresholds of $5,000 for single gifts to a qualified endowment, or $5,000 aggregate for multiple gifts to the same qualified endowment, to qualify for the credit.
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Caps annual tax credits at $10,000 for individuals or $20,000 for married couples filing jointly, with the credit not exceeding the taxpayer's income tax liability.
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Maintains existing provisions for planned gifts that provide a 40% credit with maximum annual claims of $10,000 for individuals or $20,000 for married couples filing jointly.
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Effective for taxable years beginning after December 31, 2020.
Legislative Description
An income tax credit for charitable contributions to a qualified endowment or a qualified nonprofit organization; and to provide an effective date.
Last Action
Second reading, failed to pass, yeas 27 nays 67
2/9/2021