H399 - Extend Tax Credits/Other Finance Changes. (SL 2019-237)

Overview: S.L. 2019-237 makes the following finance law changes:

• Allows an income exclusion for distributions from IRAs to charities by taxpayers age 70½ or older, effective for taxable years beginning on or after January 1, 2019.
• Allows an income tax deduction for amounts received as a JDIG, JMAC, or OneNC grant, effective for taxable years beginning on or after January 1, 2020.
• Extends the following sunsets for four years, from January 1, 2020, until January 1, 2024:
• Historic Rehabilitation Tax Credit.
• Sales tax exemption and refund for professional motorsports racing teams or related members of a team.
• Sales tax exemption for aviation gasoline and jet fuel sold to an interstate air business.
• Extends the Mill Rehabilitation Tax Credit for an eligible railroad station that meets certain conditions.
• Extends the Dry-Cleaning Solvent Cleanup program, and the revenues used to fund the program, for 10 years.
• Sets the insurance regulatory charge at 6.5% for the 2020 calendar year.

S.L. 2019-237 appropriates the following amounts to the Department of Revenue from the Collections Assistance Fee Special Fund: 

• $12.5 million for critical costs associated with tax systems operations and maintenance upgrades for the 2019-20 fiscal year.
• $4.4 million to contract with a vendor to perform identity theft and tax fraud analysis using the Government Data Analytics Center (GDAC) for the 2019-20 and the 2020-21 fiscal years.

This act has various effective dates. Please see the full summary for more detail.