Bill Summary for S 408 (2023-2024)

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Summary date: 

Apr 25 2023

Bill Information:

View NCGA Bill Details2023-2024 Session
Senate Bill 408 (Public) Filed Wednesday, March 29, 2023
AN ACT TO MODIFY THE MACHINERY ACT OF NORTH CAROLINA.
Intro. by Moffitt, Hanig, B. Newton.

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Bill summary

Senate committee substitute to the 1st edition makes the following changes.  Amends prong (ii) of the definition of “qualified personal property” in the qualified personal property tax exemption under GS 105-275(16) (listing certain tax exemptions) so that the term now includes personal property used for production of income in connection with the rental of a single-family residential dwelling unit, as that term is defined in GS 87-15.5, provided the item of personal property at the time of acquisition is valued at equal to or less than $10,000. A single-family residential dwelling unit does not include a bed and breakfast home or bed and breakfast inn as defined in GS 130A-247. (Was, defined as personal property used by the owner of the property for production of income or in connection with a business, or both, provided the value of the property at the time of acquisition is equal to or less than $20,000.) Requires the Department of Revenue and any county that provides its own business personal property listing form to include a means for the taxpayer to indicate on the listing form that business personal property owned by the taxpayer is not taxable because it is "qualified personal property" used for the production of income in connection with the rental of a single-family residential dwelling unit as described above. Makes organizational changes.