November 5, 1998
Gov. Jim Hunt of North Carolina has signed into law a measure that will provide an increased incentive for many state residents to give to charity.
The new law will allow people who do not itemize deductions on their federal income-tax returns to claim a 7-per-cent state tax credit — up from 2.75 per cent — for all donations that exceed 2 per cent of a taxpayer’s adjusted gross income.
The expanded credit will take effect starting in 1999 and is expected to cost the state $12.6-million during the first year.
