Put Money to Work in Communities Act.

SB 684 creates a 25% tax credit for North Carolina corporations that make charitable donations of at least $1,000 to permanent funds held by qualifying community foundations. The credit, capped at $50,000 per corporation annually and limited to a total $12.5 million statewide each year, directly affects corporations making qualifying donations and community foundations meeting specific criteria (like serving local communities and having community-led governance). The bill requires foundations to maintain permanent funds for community development and mandates annual reporting on the program’s impact. The tax credit expires for taxable years beginning after December 31, 2029.