Amends GS 105-277.1(a2) (concerning the property tax homestead exclusion for the elderly and disabled) to increase the income eligibility limit for the homestead exclusion from $25,000 to $35,000, for the taxable year beginning on July 1, 2011. For taxable years beginning on or after July 1, 2012 (currently, July 1, 2009), the income eligibility limit is the amount for the previous year, adjusted as indicated. Amends the definition of income to deduct an applicant’s short and long term capital losses, subject to specified limitations, in computing income.
Effective for taxes imposed for taxable years beginning on or after July 1, 2011.