Bill Summaries: S504 (2021)

Tracking:
  • Bill S 504 (2021-2022)
    Summary date: Apr 5 2021 - View summary

    Enacts GS 105-153.11 to provide a tax credit applicable to individual State income tax in the amount of 25% of charitable contributions made by a taxpayer under section 170 of the Internal Revenue Code for a taxpayer who deducts the standard deduction provided for taxpayers under GS 105-153.5(a)(1) for the taxable year. Requires nonresidents or part-year residents to reduce the credit as appropriate under GS 105-153.4. Bars the credit from exceeding the amount of tax income tax imposed for the taxable year reduced by the sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer. Effective for taxable years beginning on or after January 1, 2021. 
    Government, Tax
    GS 105

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