Title: S664 [Edition 2]
Category: Introduced Bill 2003

GENERAL ASSEMBLY OF NORTH CAROLINA	SESSION 2003

GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2003
S	2
SENATE BILL 664
Finance Committee Substitute Adopted 6/4/03

Short Title:	Exempt Property - Exempt Construction. | (Public)
Sponsors: |
Referred to: |
April 1, 2003

A BILL TO BE ENTITLED
AN ACT TO exempt FROM PROPERTY TAX construction of AN ADDITION TO An existing BUILDING THAT IS EXEMPT.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑278.3 is amended by adding a new subsection to read:
"(h)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 2.  G.S. 105‑278.4 is amended by adding a new subsection to read:
"(g)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 3.  G.S. 105‑278.5 is amended by adding a new subsection to read:
"(e)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 4.  G.S. 105‑278.6 is amended by adding a new subsection to read:
"(f)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 5.  G.S. 105‑278.7 is amended by adding a new subsection to read:
"(g)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 6.  G.S. 105‑278.8 is amended by adding a new subsection to read:
"(d)	Notwithstanding the exclusive use requirement of subsection (a) of this section, if a part of the property that otherwise meets the requirements of subsection (a) of this section is not occupied and used due to new construction that, when completed, will be used as a continuation of the qualifying use, the valuation of such new construction shall be exempted from taxation."
SECTION 7.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2004.

Page 		Senate Bill 664-Second Edition

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