A BILL TO BE ENTITLED
AN ACT to modify the inventory property tax deferral.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 105‑277.1D(a) reads as rewritten:
"(a)	Classification. – A residence constructed by a builder and owned by the builder or a business entity of which the builder is a member, as defined in G.S. 105‑277.2, is designated a special class of property under Section 2(2) of Article V of the North Carolina Constitution and is taxable in accordance with this section. For purposes of this section, a "residence" is an improvement, other than remodeling, renovating, rehabilitating, or refinishing, by a builder to real property that is intended to be sold and used as an individual's residence, that is unoccupied, and for which a certificate of occupancy authorized by law has been issued."
SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2010.