Bill Text: NC S1325 | 2010 | Regular Session | Amended

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Bill Title: Homebuilder Property Tax Deferral Change

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2010-05-20 - Ref To Com On Finance [S1325 Detail]

Download: North_Carolina-2010-S1325-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

S                                                                                                                                                     1

SENATE BILL 1325

 

 

Short Title:        Homebuilder Property Tax Deferral Change.		(Public)
Sponsors:	Senators Dickson; and Shaw.
Referred to:	Finance.

May 20, 2010

A BILL TO BE ENTITLED

AN ACT to modify the inventory property tax deferral.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑277.1D(a) reads as rewritten:

"(a)       Classification. – A residence owned and constructed by a builder and owned by the builder or a business entity of which the builder is a member, as defined in G.S. 105‑277.2, is designated a special class of property under Section 2(2) of Article V of the North Carolina Constitution and is taxable in accordance with this section. For purposes of this section, a "residence" is an improvement, other than remodeling, renovating, rehabilitating, or refinishing, by a builder to real property that is intended to be sold and used as an individual's residence, that is unoccupied, and for which a certificate of occupancy authorized by law has been issued."

SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2010.