GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	1 

HOUSE BILL 295*

Short Title:  No Tax on Intangible Property.	(Public)

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Sponsors: Representatives Cansler, Baddour (cosponsors); Arnold, Capps, Carpenter, Cole, Crawford, Creech, Culpepper, Davis, Decker, Eddins, Fox, Goodwin, Hardy, Jeffus, McComas, Mercer, Mitchell, Morgan, Owens, Rayfield, Shubert, Smith, Starnes, Watson, Wilkins, C. Wilson, and Wood.

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Referred to:  Finance.

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February 24, 1997

A BILL TO BE ENTITLED
AN ACT TO EXEMPT INTANGIBLE PERSONAL PROPERTY FROM PROPERTY TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-275(31) reads as rewritten:
"(31)	Intangible personal property."
Section 2.  G.S. 105-275(31a), (31b), (31c), and (31d) are repealed.
Section 3.  G.S. 105-276 reads as rewritten:
"§ 105-276.  Exemption of intangible personal property.
Intangible personal property is excluded from taxation under G.S. 105-275 and is not, therefore, subject to this Subchapter."
Section 4.  G.S. 105-282.1(a)(2) reads as rewritten:
"(2)	Owners of the special classes of property excluded from taxation under G.S. 105-275(5), (15), (16), (26), (31), (32a), (33), (34), or (40), or exempted under G.S. 105-278.2 are not required to file applications for the exclusion or exemption of that property."
Section 5.  G.S. 105-285(b) reads as rewritten:
"(b)	Personal Property; General Rule. – Except as otherwise provided in this Chapter, the value, ownership, and place of taxation of personal property shall be determined annually as of January 1."