NORTH CAROLINA GENERAL ASSEMBLY

1975 SESSION

CHAPTER 551

SENATE BILL 747

AN ACT TO INCREASE THE REPLACEMENT PERIOD REQUIRED FOR THE DEFERRAL OF TAX ON THE GAIN REALIZED ON THE SALE OF A PRINCIPAL RESIDENCE.

The General Assembly of North Carolina enacts:

Section 1.  Division II of Article 4 of Chapter 105 of the General Statutes is hereby amended by amending G.S. 105-144.2 as follows:

(a)  Deleting from subsection (a) the words "one year" as they appear twice in said subsection and by inserting in lieu thereof in both instances the figure and word "18 months".

(b)  Deleting the words "one year" as they appear in subdivision (4) of subsection (c) and by inserting in lieu thereof the figure and word "18 months".

(c)  Deleting the words "one year" as they appear twice in subdivision (5) of subsection (c) and by inserting in lieu thereof in both instances the figure and word "18 months", and by deleting the figure and word "18 months" as they appear in said subdivision and by inserting in lieu thereof the words "two years".

(d)  Deleting the words "one year" as they appear in subsection (d) and by inserting in lieu thereof the figure and word "18 months".

(e)  Deleting the words "one year" as they appear in subsection (h) and by inserting in lieu thereof the figure and word "18 months".

Sec. 2.  This act shall become effective upon ratification, and shall apply to a principal residence that is sold after December 31, 1974.

In the General Assembly read three times and ratified, this the 1 1th day of June, 1975.