NORTH CAROLINA GENERAL ASSEMBLY

1979 SESSION

 

 

CHAPTER 1179

SENATE BILL 916

 

 

AN ACT TO PROVIDE EQUAL PROPERTY TAX TREATMENT FOR FARM PRODUCTS NOT PRESENTLY EXCLUDED FROM THE PROPERTY TAX BASE.

 

The General Assembly of North Carolina enacts:

 

Section 1.  Chapter 105 of the General Statutes is amended by adding a new Section 105-163.05 as follows:

"§ 105-163.05.  Tax credit. — (a) A credit against the income tax imposed in this Article may be claimed by any producer of poultry or livestock for that portion of annual property taxes due and paid on a timely basis during the income year by such producer to counties and municipalities in this State upon poultry and livestock.

(b)        The poultry and livestock producer's income tax credit shall be applied against the income tax due from the producer for the taxable year in which the property tax which is the basis for the credit was actually paid. If such credit, when combined with all other credits allowed by this Article, exceeds the income tax due from, or if a loss is sustained by the producer for such taxable year, the excess credit may be carried forward for not more than five taxable years next succeeding the taxable year in which the credit first became available to the producer. In such case, the excess credit shall be applied against income tax due in the earliest taxable year possible and to its maximum extent before any excess credit may be carried forward to a latter taxable year.

(c)        For purposes of this section, 'property taxes' shall have the same meaning as in G.S. 105-163.02(8)."

Sec. 2.  This act shall apply to taxable years beginning on and after January 1, 1981.

In the General Assembly read three times and ratified, this the 23rd day of June, 1980.