§ 105-130.37. Credit for gleaned crop. - North Carolina Statutes

§105‑130.37.  Credit for gleaned crop.

(a)        Any corporationthat grows a crop and permits the gleaning of the crop during the taxable yearis allowed a credit against the tax imposed by this Part equal to ten percent(10%) of the market price of the quantity of the gleaned crop. This credit maynot exceed the amount of tax imposed by this Part for the taxable year reducedby the sum of all credits allowable, except tax payments made by or on behalfof the taxpayer. No deduction is allowed under G.S. 105‑130.5(b)(5) forthe items for which a credit is claimed under this section. Any unused portionof the credit may be carried forward for the succeeding five years.

(b)        The followingdefinitions apply to this section:

(1)        "Gleaning"means the harvesting of a crop that has been donated by the grower to thenonprofit organization which will distribute the crop to individuals or othernonprofit organizations it considers appropriate recipients of the food;

(2)        "Marketprice" means the season average price of the crop as determined by theNorth Carolina Crop and Livestock Reporting Service in the Department ofAgriculture and Consumer Services, or the average price of the crop in thenearest local market for the month in which the crop is gleaned if the Crop andLivestock Reporting Service does not determine the season average price forthat crop; and

(3)        "Nonprofitorganization" means an organization to which charitable contributions aredeductible from gross income under the Code. (1983 (Reg. Sess., 1984), c.1018, s. 1; 1993 (Reg. Sess., 1994), c. 745, s. 6; 1997‑261, s. 12; 1998‑98,s. 89.)