GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

S                                                                                                                                                     1

SENATE BILL 500

Short Title:        Raise Homestead Exclusion Income Limit.		(Public)
Sponsors:	Senators Allran;  Blake, Brock, Brown, Foriest, Forrester, Goss, Jacumin, Jones, Kinnaird, Preston, Snow, and Stein.
Referred to:	Finance.

March 11, 2009

A BILL TO BE ENTITLED

AN ACT to raise the income eligibility limit of the homestead exclusion property tax benefit to thirty‑five thousand dollars.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑277.1(a2) reads as rewritten:

"(a2)     Income Eligibility Limit. – For the taxable year beginning on July 1, 2008,2009, 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, 2009,2010, 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."

SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2009.