S355 - North Carolina Farm Act of 2024. (SL 2024-32)

Overview: Section 15 of S.L. 2024-32 reenacts a modified conservation tax credit equal to 25% of the fair market value of donated real property that may be used (1) for forestland or farmland preservation; (2) for fish and wildlife conservation; (3) as a buffer for military training and testing activities; (4) for floodplain protection; (5) for historic landscape conservation; (6) for public trails or access to public trails. The credit is capped at $500,000 for corporations and $250,000 for individuals. There is an aggregate cap of $5 million dollars per taxable year with 65% of that amount being allocated for credits claimed for forestland and farmland preservation.

This credit is effective for taxable years beginning on or after January 1, 2025, for donations made on or after January 1, 2025, and expires for taxable years beginning on or after January 1, 2027, for donations made on or after January 1, 2027.