NORTH CAROLINA GENERAL ASSEMBLY
1971 SESSION
CHAPTER 827
HOUSE BILL 1211
AN ACT TO EXTEND TO REAL ESTATE INVESTMENT TRUSTS THE SAME EXEMPTION FROM INTANGIBLES TAXES AS IS EXTENDED TO REGULATED INVESTMENT COMPANIES.
The General Assembly of North Carolina enacts:
Section 1. G.S. 105-212 is hereby amended by rewriting the second paragraph thereof to read as follows:
"Any corporation or trust doing business in North Carolina which in the opinion of the Commissioner of Revenue of North Carolina qualifies as a 'regulated investment company' under the provisions of United States Code Annotated Title 26, Section 851, or as a 'real estate investment trust' under the provisions of United States Code Annotated Title 26, Section 856, and which files with the North Carolina Department of Revenue its election to be treated as a 'regulated investment company' or 'real estate investment trust', shall not be subject to any of the taxes levied in this Article or schedule."
Sec. 2. This act shall become effective January 1, 1972.
In the General Assembly read three times and ratified, this the 12th day of July, 1971.