As reported by the NC Center for Nonprofits, last month, Governor Roy Cooper signed into law a bill (H.B. 399) that, among other things, increases charitable giving in North Carolina by extending the IRA charitable rollover – a popular federal tax incentive for charitable giving – to state taxes. Individuals aged 70½ and older may make tax-free (for federal tax purposes) distributions to nonprofits from their individual retirement accounts (IRAs). In previous years, North Carolina donors who used the IRA charitable rollover had to pay state taxes on these charitable contributions. The new law ends this state tax on donations to nonprofits through IRAs, simplifying the process for donors and allowing them to contribute more fully to nonprofits from their IRAs.
NAMI NC knows how to effectively utilize your gifts, but when it comes to your financial planning items we encourage you to talk to a qualified tax advisors about an IRA Charitable Rollover and other end of year options.
As the end of the year approaches, we want to thank you for considering supporting NAMI NC’s mission. Please contact Lindsey at email@example.com for any questions on charitable gifts to NAMI NC.