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North Carolina General Statutes § 105-130.34. Credit for certain real property donations. (a) Any corporation that makes a qualified donation of an interest
in real property located in North Carolina during the taxable year that
is useful for public beach access or use, public access to public waters
or trails, fish and wildlife conservation, or other similar land conservation
purposes is allowed a credit against the tax imposed by this Part equal
to twenty-five percent (25%) of the fair market value of the donated
property interest. To be eligible for this credit, the interest in real
property must be donated in perpetuity to and accepted by the State,
a local government, or a body that is both organized to receive and
administer lands for conservation purposes and qualified to receive
charitable contributions pursuant to G.S. 105-130.9. Lands required
to be dedicated pursuant to local governmental regulation or ordinance
and dedications made to increase building density levels permitted under
a regulation or ordinance are not eligible for this credit. The credit
allowed under this section may not exceed five hundred thousand dollars
($500,000). To support the credit allowed by this section, the taxpayer
must file with its income tax return, for the taxable year in which
the credit is claimed, a certification by the Department of Environment
and Natural Resources that the property donated is suitable for one
or more of the valid public benefits set forth in this subsection. |