North Carolina S684 provides a tax credit for charitable gifts to qualified community foundations, aiming to boost local philanthropy.

North Carolina S684, the Put Money to Work in Communities Act, introduces a tax credit for charitable gifts to qualified community foundations. This bill aims to incentivize and increase local philanthropy, benefiting all 100 counties in North Carolina. Individuals and corporations can claim a credit for qualified contributions, with a maximum credit of $50,000 per year. The total credits allowed annually are capped at $12.5 million. The bill also mandates reporting on the impact of these credits, including the number of individuals claiming the credit and the total amount of credits claimed.

North Carolina S684 provides a tax credit for charitable gifts to qualified community foundations, aiming to boost local philanthropy.

North Carolina S684, the Put Money to Work in Communities Act, introduces a tax credit for charitable gifts to qualified community foundations. This bill aims to incentivize and increase local philanthropy, benefiting all 100 counties in North Carolina. Individuals and corporations can claim a credit for qualified contributions, with a maximum credit of $50,000 per year. The total credits allowed annually are capped at $12.5 million. The bill also mandates reporting on the impact of these credits, including the number of individuals claiming the credit and the total amount of credits claimed.