Bill Text: NC S216 | 2011-2012 | Regular Session | Amended
Bill Title: Increase Income Limit for Homestead Exclusion
Spectrum: Partisan Bill (Republican 7-0)
Status: (Introduced - Dead) 2011-03-07 - Ref To Com On Finance [S216 Detail]
Download: North_Carolina-2011-S216-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
S 1
SENATE BILL 216
Short Title: Increase Income Limit for Homestead Exclusion. |
(Public) |
|
Sponsors: |
Senators Allran; Bingham, Blake, Brown, Forrester, Hise, and Rabon. |
|
Referred to: |
Finance. |
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March 7, 2011
A BILL TO BE ENTITLED
AN ACT to increase the income eligibility limit for the homestead exclusion to thirty‑five thousand dollars.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑277.1(a2) reads as rewritten:
"(a2) Income Eligibility Limit. � For the taxable
year beginning on July 1, 2008,2011, the income eligibility limit
is twenty‑five thousand dollars ($25,000).thirty‑five
thousand dollars ($35,000). For taxable years beginning on or after July 1,
2009,2012, the income eligibility limit is the amount for the
preceding year, adjusted by the same percentage of this amount as the
percentage of any cost‑of‑living adjustment made to the benefits
under Titles II and XVI of the Social Security Act for the preceding calendar
year, rounded to the nearest one hundred dollars ($100.00). On or before July 1
of each year, the Department of Revenue must determine the income eligibility
amount to be in effect for the taxable year beginning the following July 1 and
must notify the assessor of each county of the amount to be in effect for that
taxable year."
SECTION 2. This act is effective for taxes imposed for taxable years beginning on or after July 1, 2011.