Amends GS 105-275 (Property classified and excluded from the tax base) to create a new classification excluded from tax, qualified business property, which is personal property that when fully functional would be used for production of income or in connection with a business, but due to malfunction or nonfunction has a value not greater than scrap. Amends GS 105-307 (Length of listing period; extension; preliminary work) to extend the period for listing property for taxation to April 15 (was, January 31), and to repeal the general extensions provisions of subsection (b). Amends subsection (c) to allow for grants of individual extensions if the county has provided for electronic listing of personal property under GS 105-310.1, and limits the extension time to no later than June 1. 

Effective and applicable to taxes imposed for taxable years beginning on or after July 1, 2023.