GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1995

S	1 

SENATE BILL 237

Short Title:  Partnership Use Value Property.	(Public)

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Sponsors: Senators Speed, Albertson, Sherron, Parnell, Ballance, Lucas, Soles, Gulley, Edwards, Hoyle, Cooper, Perdue, Simpson, and Horton.

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Referred to:  Finance

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February 22, 1995

A BILL TO BE ENTITLED
AN ACT TO PROVIDE THAT FARMLAND OWNED BY A PARTNERSHIP MAY QUALIFY FOR USE VALUE TAX TREATMENT TO THE SAME EXTENT AS FARMLAND OWNED BY A CORPORATION.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-277.2(4) reads as rewritten:
"(4)	 'Individually owned' means owned by any of the following:
a.	A natural person.
		b. 	A corporation having as its principal business one of the activities described in subdivisions (1), (2), and (3) and whose shareholders are all natural persons either actively engaged in the business of the corporation or a relative of another shareholder who is actively engaged in the business of the corporation.
c.	A general or limited partnership having as its principal business one of the activities described in subdivisions (1), (2), and (3) and whose partners are all natural persons either actively engaged in the business of the partnership or a relative of another partner who is actively engaged in the business of the partnership."
Sec. 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 1995.  Notwithstanding the provisions of G.S. 105-277.4, an application for the benefit provided in this act for the 1995-96 tax year shall be considered timely if it is filed on or before September 1, 1995.