Bill Summary for H 533 (2015-2016)

Summary date: 

Apr 2 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 533 (Public) Filed Wednesday, April 1, 2015
AN ACT TO MODIFY WHEN THE LIEN FOR DEFERRED TAXES ON LAND ELIGIBLE FOR PRESENT‑USE VALUE CLASSIFICATION IS EXTINGUISHED IN ORDER TO PROMOTE SALES FOR LAND CONSERVATION USES AND TO ALLOW A TAXPAYER TO CONTEST A DENIAL OF A CLAIM FOR REFUND WHICH THE DEPARTMENT OF REVENUE DETERMINES TO BE OUTSIDE THE STATUTE OF LIMITATIONS.
Intro. by McGrady, Setzer, Jordan, Harrison.

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Bill summary

Amends GS 105-277.4 concerning deferred taxes of agricultural, horticultural, and forest land, deleting language which provided that if a property lost its eligibility for present-use value classification because it was conveyed by gift to a nonprofit organization and qualifies for exclusion from the tax base, then no deferred taxes were due and the lien for deferred taxes was extinguished. 

Adds new provision to GS 105-277.4 concerning the conveyance of property eligible for present-use value classification to a nonprofit, providing that if the property is then used in a way that qualifies it for exclusion from the tax base then deferred taxes are due as follows: (1) if the property is conveyed at or below present-use value, then no deferred taxes are due and the lien for the deferred taxes is extinguished or (2) if the property is conveyed for more than the present-use value, then a portion of the preceding three fiscal years of deferred taxes will be due in accordance to the provisions in GS 105-277.1F. Sets out how to calculate the amount owed, either being equal to or lesser of the full amount deferred or the deferred amount multiplied by a fraction as specified. 

Effective for taxes imposed for taxable years beginning on or after July 1, 2015.

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