Bill Summary for S 578 (2019-2020)

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Bill: REDUCE FRANCHISE TAX/EXPAND FILM GRANTS. (NEW)

Summary date: 

Apr 4 2019

Bill Information:

View NCGA Bill Details(link is external)2019-2020 Session
Senate Bill 578 (Public) Filed Wednesday, April 3, 2019
AN ACT TO REDUCE THE FRANCHISE TAX AND TO MODIFY FILM GRANT LIMITS.
Intro. by Sawyer.

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Bill summary

Amends GS 105-275 to exclude from property tax 80% of the appraised value of tangible personal property that is owned by a qualifying farmer and was exempt from sales tax. Effective for taxable imposed for taxable years beginning on or after July 1, 2019.