Amends Entity Ownership Requirements, GS 105-277.3(b1), to provide that the business entity ownership requirements for qualification of land at its present use value for tax purposes are met when the current owner of the land shares members in common with the previous owner of the land for the four years immediately preceding January 1 of the year for which the benefit is claimed.
Effective for taxable years beginning on or after July 1, 2011. Provides that applications for property tax relief may be filed and must be accepted at any time up to and through September 1 for the July 1, 2011, tax year.
BUSINESS ENTITY CHANGES.
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| View NCGA Bill Details | 2011-2012 Session |
TO REVISE THE BUSINESS ENTITY OWNERSHIP REQUIREMENTS OF LAND AT PRESENT-USE VALUE.Intro. by Howard, Brubaker, Luebke, Hill.
Status: Ch. SL 2011-9 (House Action) (Mar 24 2011)
Bill History:
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Wed, 16 Feb 2011 House: Filed
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Thu, 17 Feb 2011 House: Passed 1st Reading
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Thu, 17 Feb 2011 House: Ref To Com On Finance
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Wed, 23 Feb 2011 House: Reptd Fav
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Wed, 23 Feb 2011 House: Cal Pursuant Rule 36(b)
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Wed, 23 Feb 2011 House: Placed On Cal For 2/24/2011
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Thu, 24 Feb 2011 House: Passed 2nd & 3rd Reading
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Fri, 25 Feb 2011 Senate: Rec From House
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Mon, 28 Feb 2011 Senate: Passed 1st Reading
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Mon, 28 Feb 2011 Senate: Ref To Com On Finance
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Tue, 8 Mar 2011 Senate: Reptd Fav
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Wed, 9 Mar 2011 Senate: Passed 2nd & 3rd Reading
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Thu, 10 Mar 2011 Ratified
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Mon, 14 Mar 2011 Pres. To Gov. 3/14/2011
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Thu, 24 Mar 2011 Signed By Gov. 3/24/2011
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Thu, 24 Mar 2011 Ch. SL 2011-9
H 123/S.L. 2011-9
Bill Summaries:
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Bill H 123 (2011-2012)Summary date: Feb 16 2011 - View Summary
View: All Summaries for Bill