Bill Text: NC H246 | 2011-2012 | Regular Session | Amended
Bill Title: Modify Homestead Property Tax Exclusion
Spectrum: Slight Partisan Bill (Democrat 15-5)
Status: (Introduced - Dead) 2011-03-08 - Ref To Com On Finance [H246 Detail]
Download: North_Carolina-2011-H246-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
H 1
HOUSE BILL 246
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Short Title: Modify Homestead Property Tax Exclusion. |
(Public) |
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Sponsors: |
Representatives Adams, Wainwright, and Howard (Primary Sponsors). For a complete list of Sponsors, see Bill Information on the NCGA Web Site. |
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Referred to: |
Finance. |
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March 8, 2011
A BILL TO BE ENTITLED
AN ACT to increase the income eligibility limit of the homestead exclusion.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑277.1 reads as rewritten:
"§ 105‑277.1. Elderly or disabled property tax homestead exclusion.
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(a2) Income Eligibility Limit. – For the taxable year
beginning on July 1, 2008,2011, the income eligibility limit is twenty‑five
thousand dollars ($25,000).thirty‑five thousand dollars ($35,000).
For taxable years beginning on or after July 1, 2009,2012, the
income eligibility limit is the amount for the preceding year, adjusted by the
same percentage of this amount as the percentage of any cost‑of‑living
adjustment made to the benefits under Titles II and XVI of the Social Security
Act for the preceding calendar year, rounded to the nearest one hundred dollars
($100.00). On or before July 1 of each year, the Department of Revenue must
determine the income eligibility amount to be in effect for the taxable year
beginning the following July 1 and must notify the assessor of each county of
the amount to be in effect for that taxable year.
(b) Definitions. – The following definitions apply in this section:
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(1a) Income. – All moneys received from every source other than gifts or inheritances received from a spouse, lineal ancestor, or lineal descendant. For married applicants residing with their spouses, the income of both spouses must be included, whether or not the property is in both names. An applicant's short‑term and long‑term capital losses, as defined in section 1222 of the Code and subject to the limitations of section 1211 of the Code, shall be deducted in computing income.
.…"
SECTION 2. This act is effective for taxes imposed for taxable years beginning on or after July 1, 2011.
