Bill Summary for H 399 (2019-2020)
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| View NCGA Bill Details | 2019-2020 Session |
AN ACT TO MAKE CERTAIN TAX CHANGES, TO EXTEND CERTAIN TAX BENEFITS, AND TO APPROPRIATE FUNDS FROM THE COLLECTIONS ASSISTANCE FEE SPECIAL FUND TO THE DEPARTMENT OF REVENUE.Intro. by Ross, Bell, Warren, Adams.
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Bill summary
House committee substitute to the 2nd edition makes the following changes.
Changes the effective date provisions of the proposed changes to GS 105-129.105, concerning credit for rehabilitating income-producing historic structures, now providing that the changes are effective for taxable years beginning on or after January 1, 2020 (was January 1, 2019).
Modifies the proposed changes to GS 105-129.110, which extend the sunset provisions for Article 3L, Historic Rehabilitation Tax Credits Investment Program, now providing for the Article's expiration for qualified rehabilitation expenditures and expenses incurred on or after January 1, 2024 (was January 1, 2030). For qualified rehabilitation expenditures and expenses incurred prior to January 1, 2024, provides for the Article's expiration for property not placed in service by January 1, 2032 (rather than January 1, 2038).
Makes conforming changes to the act's long title.