GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 1
HOUSE BILL 886
Short Title: Increase Charitable Contribution Deduction. |
(Public) |
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Sponsors: |
Representatives Moffitt, Brawley, Stam, and Setzer (Primary Sponsors). For a complete list of Sponsors, see Bill Information on the NCGA Web Site. |
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Referred to: |
Finance. |
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May 4, 2011
A BILL TO BE ENTITLED
AN ACT to increase the limits on corporate income tax deductions for charitable contributions in conformance with the internal revenue code.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105-130.9 reads as rewritten:
"§ 105-130.9. Contributions.
Contributions shall be allowed as a deduction to the extent and in the manner provided as follows:
(1) Charitable
contributions as defined in section 170(c) of the Code, exclusive of
contributions allowed in subdivision (2) of this section, shall be allowed as a
deduction to the extent provided herein. The amount allowed as a deduction
hereunder shall be limited to an amount not in excess of five ten percent
(5%)(10%) of the corporation's net income as computed without the
benefit of this subdivision or subdivision (2) of this section. Any unused
portion of a deduction under this subsection may be carried forward for the
next succeeding five years. Provided, that a carryover of contributions
shall not be allowed and that contributionsContributions made to
North Carolina donees by corporations allocating a part of their total net
income outside this State shall not be allowed under this subdivision, but shall
be allowed under subdivision (3) of this section.
…
(3) Corporations
allocating a part of their total net income outside North Carolina under the
provisions of G.S. 105-130.4 shall deduct from total income allocable to
North Carolina contributions made to North Carolina donees qualified under
subdivisions (1) and (2) of this section or made through North Carolina offices
or branches of other donees qualified under the above-mentioned subdivisions of
this section; provided, such deduction for contributions made to North Carolina
donees qualified under subdivision (1) of this section shall be limited in
amount to five ten percent (5%)(10%) of the total
income allocated to North Carolina as computed without the benefit of this
deduction for contributions.
…."
SECTION 2. This act is effective for taxable years beginning on or after January 1, 2013.