1 {b} Corporations. - The aggregate amount of credit allowed to a corporation in a 



2 taxable year under this section for one or more qualified donations, whether made 



3 directly or indirectly as owner of a pass-through entity, may not exceed five hundred 



4 thousand dollars ($500.000). That portion of a qualifying donation that is the basis for a 



5 credit allowed under this section is not eligible for deduction as a charitable contribution 



6 under G.S. 105-130.9. 



7 (bl) Individuals. - The aggregate amount of credit allowed to an individual in a 



8 taxable year under this section for one or more qualified donations, whether made 



9 directly or indirectly as owner of a pass-through entity, may not exceed two hundred 



10 fifty thousand dollars ($250,000). In the case of property owned by a married couple, if 



11 both spouses are required to file North Carolina income tax returns, the credit allowed 



12 by this section may be claimed only if the spouses file a joint return. If only one spouse 



13 is required to file a North Carolina income tax return, that spouse may claim the credit 



14 allowed by this section on a separate return. 



15 (b2) Pass-through entities. - The aggregate amount of credit allowed to a pass- 



16 through entity in a taxable year under this section for one or more qualified donations. 



17 whether made directly or indirectly as owner of another pass-through entity, may not 



18 exceed five hundred thousand dollars ($500.000). Each individual who is an owner of a 



19 pass-through entity is allowed as a credit an amount equal to t he owner's allocated share 



20 of the credit to which the pass-through entity is eligible ui.aer this subsection, not to 



21 exceed $250,000. Each corporation that is an owner of a pass-through entity is allowed 



22 as a credit an amount equal to the owner's allocated share of the credit to which the 



23 pass-through entity is eligible under this subsection, not to exceed $500.000. 



24 (c) Cap; carryforward. - The credit allowed by this section may not exceed the 



25 amount of tax imposed by Article 4 of this Chapter for the taxable year reduced by the 



26 sum of all credits allowed, except payments of tax made by or on behalf of the taxpayer. 



27 Any unused portion of this credit may be carried forward for the next succeeding five 



28 years. 



29 (d) Marshland. - In the case of marshland for which a claim has been filed 



30 pursuant to G.S. 113-205, the offer of donation must be made before December 31, 



31 2003 to qualify for the credit allowed by this section. " 



32 SECTION 2. G.S. 105-130.34 is repealed. 



33 SECTIONS. G.S. 105-151.12 is repealed. 



34 SECTION 4. This act is effective for taxable years beginning on or after 



35 January 1, 2005. 



24 



