Bill Summary for H 374 (2023-2024)
Mar 14 2023
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AN ACT TO INCREASE THE TOTAL APPRAISED VALUE OF ALL REAL ESTATE PRIZES OFFERED DURING A CALENDAR YEAR BY A NONPROFIT ORGANIZATION AS PART OF A RAFFLE.Intro. by Potts, Strickland, Winslow, Zenger.
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Amends GS 14-309.15 (pertaining to when real property is offered as a prize in a raffle) to increase the total allowable appraised value of all real estate prizes offered by any nonprofit organization for raffle from $500,000 to $2 million in a calendar year. Deletes provision limiting the value of any real property prize offered for any one raffle to $500,000. Applies to raffles conducted on or after the act becomes law.