GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1989

S	2 

SENATE BILL 49
Second Edition Engrossed 2/27/89

Short Title:  Transferred Forestland/Use-Value.	(Public)
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Sponsors: Senators Block; and Raynor.
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Referred to:  Environment and Natural Resources.
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January 25, 1989

A BILL TO BE ENTITLED
AN ACT TO ELIMINATE THE FOUR-YEAR OWNERSHIP REQUIREMENT FOR USE-VALUE FORESTLAND TRANSFERRED TO THE OWNER OF OTHER USE-VALUE FORESTLAND.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-277.3(c) reads as rewritten:
"(c)	In addition, property may come within the classification described in subdivision (a) (1), (2), or (3) above, if (i) it was appraised at its present use value or was eligible for appraisal at its present use value pursuant to subdivision (a)(1), (2), or (3) at the time title to the property passed to the present owner, and (ii) at the time title to the property passed to the present owner he owned other property classified under subdivision (a)(1), (2), or (3).  Classification pursuant to this subsection shall not affect any liability for deferred taxes under G.S. 105-277.4(c) if such taxes were otherwise due at the time title passed to the present owner."
Sec. 2.  This act is effective for taxable years beginning on or after January 1, 1989.