Prohibits adoption of involuntary annexation resolutions or ordinances, as provided in Parts 2 and 3 of Article 4A of GS Chapter 160A, until July 1, 2012. Tolls the effective date of any annexation ordinance already adopted but not in effect as of the date the legislation is enacted. Provides that litigation pending in any state court is stayed upon enactment of the legislation. Authorizes municipalities to amend previously adopted 2010-11 budget ordinances if the effect of this legislation is to reduce the total amount of assessed valuation estimated in that ordinance. Includes a severability clause. Expires on June 30, 2012.