A BILL TO BE ENTITLED
AN ACT to eliminate a provision dealing with revisions to the base valuation in development financing districts and to revise urban progress zones.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 159‑107(b)(3) is repealed.
SECTION 2.  G.S. 143B‑437.09(a) reads as rewritten:
"(a)	Urban Progress Zone Defined. – An urban progress zone is an area comprised of one or more contiguous census tracts, census block groups, or both, or parts thereof, in the most recent federal decennial census that meets all conditions in this subsection.
(1)	All land within the zone is located in whole within the primary corporate limits of a municipality with a population of more than 10,000 according to the most recent annual population estimates certified by the State Budget Officer.
(2)	The area within the zone meets at least one of the following conditions:
a.	More than twenty percent (20%) of the population of each census tract or block group that composes part of the zone is below the poverty level according to the most recent federal decennial census.
b.	At least fifty percent (50%) of the area within one or more census tracts or census block groups that compose part of the zone is zoned as nonresidential and the census tract or census block group is adjacent to a census tract or census block group of which at least twenty percent (20%) of the population is below the poverty level.
c.	More than fifteen percent (15%) of the population within the census tracts and census block groups that compose the zone is below the poverty level according to the most recent federal decennial census, and the per capita money income of the population within the census tracts and census block groups that compose the zone according to the most recent federal decennial census is at least ten percent (10%) below the per capita money income of the population in the State according to the most recent federal decennial census.
(3)	The area of the zone zoned as nonresidential does not exceed thirty‑five percent (35%) of the total area of the zone."
SECTION 3.  Section 2 of this act is effective for taxable years beginning on or after January 1, 2008.  The remainder of this act becomes effective July 1, 2007.