GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1999

S	1 

SENATE BILL 1535

Short Title:  Modify Disabled Dwelling Credit.	(Public)

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Sponsors: Senator Kerr.

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Referred to:  Finance.

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May 30, 2000

A BILL TO BE ENTITLED
AN ACT TO MODIFY THE TAX CREDIT FOR CONSTRUCTION OF DWELLING UNITS FOR THE DISABLED.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-130.22 and G.S. 105-151.1 are recodified as G.S. 105-129.16C in Article 3B of Chapter 105 of the General Statutes.
Section 2.  G.S. 105-129.16C, as recodified by this act, reads as rewritten:
"§ 105-129.16C.  Credit for constructing dwelling units fully accessible by disabled persons.
(a)	Credit. – An owner of multifamily rental units located in this State is allowed a credit equal to one thousand dollars ($1,000) for each dwelling unit constructed by the owner that conforms to the requirements for being 'fully accessible' under Volume I-C of the North Carolina Building Code for the taxable year within which the construction of the dwelling unit is completed. The credit is allowed only for dwelling units completed during the taxable year that were required to be built in compliance with the requirements for being 'fully accessible' under Volume I-C of the North Carolina Building Code. 
(b)	Documentation. – In order to claim the credit allowed by this section, the taxpayer must file with the income tax return a copy of the occupancy permit on the face of which is recorded by the building inspector the number of units completed during the taxable year that conform to the requirements for being 'fully accessible' under Volume I-C of the North Carolina Building Code. After recording the number of these units on the face of the occupancy permit, the building inspector shall promptly forward a copy of the permit to the Building Accessibility Section of the Department of Insurance."
Section 3.  G.S. 105-129.19 reads as rewritten:
"§ 105-129.19. Reports.
The Department of Revenue shall report to the Revenue Laws Study Committee and to the Fiscal Research Division of the General Assembly by May 1 of each year the following information for the 12-month period ending the preceding April 1:
(1)	The number of taxpayers that claimed the credits allowed in this Article, itemized by type of credit.
(2)	The cost of business property and renewable energy property with respect to which business property credits were claimed.
(2a)	The location of each qualified North Carolina low-income building with respect to which a low-income housing credit was claimed.
(3)	The total cost to the General Fund of the credits claimed, itemized by type of credit."
Section 4.  This act is effective for taxable years beginning on or after January 1, 2001.