The NC Department of Revenue (DOR) recently announced that student loan forgiveness is taxable income for the purposes of state income taxes. This means that borrowers will need to pay state income tax on the amount of their student loans that are forgiven. Legislative leaders have indicated that theydo not anticipate that the NC General Assembly will change this law.
We continue to share resources and support for nonprofits impacted by Hurricane Helene who are both recovering and serving the needs of their communities across western NC. Resources for Nonprofits + How to Help
Tax Policy
A NC Senate bill (
- Congress Repeals Tax on Nonprofit Transportation Benefits
On December 17, the U.S. House of Representatives approved legislation to repeal the tax on nonprofit parking and transportation expenses as part of a large tax and spending package. The U.S. Senate approved the bill on December 19, and President Donald Trump was expected to sign it into law on December 20.
On Giving Tuesday, Congressman Mark Walker (R-NC) re-introduced the Universal Charitable Giving Act. The Center issued the following statement of support for this bill.
On June 5, the Center met with staff for Senator Richard Burr (R-NC) and several other members of Congress from North Carolina and then submitted suggestions for four ways that Congress can provide tax assistance to help tax-exempt nonprofits more efficiently and effectively provide relief and recovery services after natural disasters.
- How the Six Constitutional Amendments on the 2018 Ballot Would Affect Nonprofits
{VIEW AS .PDF - easier to print!)
This fall, North Carolina voters will have the opportunity to decide whether six amendments will be made to the North Carolina Constitution. Voters will be asked to decide on constitutional amendments that would:
The Center recently visited Washington, DC to advocate with our members of Congress on nonprofit issues. These include:
1. Protecting nonprofit nonpartisanship.
2. UBIT
3. Universal charitable deduction.
4. 2020 U.S.Census
5. Public Service Loan Forgiveness Program