GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	3 

SENATE BILL 1239
Finance Committee Substitute Adopted 6/4/98
Finance Committee Substitute #2 Adopted 9/2/98

Short Title:  Exempt Family Farms/Family Businesses.	(Public)

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Sponsors:

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Referred to:  

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May 21, 1998

A BILL TO BE ENTITLED
AN ACT TO EXEMPT FAMILY FARMS AND FAMILY BUSINESSES FROM INHERITANCE TAXES.
Whereas, the General Assembly recognizes the importance of family farms and family-owned businesses; and
Whereas, relief from State inheritance tax is already provided to surviving spouses; and
Whereas, the General Assembly finds that this relief should be extended to those who have worked hard to build up a family farm or family business and who wish to pass the fruits of their labors on to their families; Now, therefore,
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-9 is amended by adding a new subdivision to read:
"(9)	An amount equal to the deduction for family-owned business interests that would be allowed under section 2057 of the Code if calculated without regard to the maximum deduction limitation provided in section 2057(a)(2) of the Code."
Section 2.  This act becomes effective January 1, 1999, and applies to the estates of decedents dying on or after that date.