AN ACT to modify the property tax base exclusions.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑275 is amended by adding a new subdivision to read:
"§ 105‑275.  Property classified and excluded from the tax base.
The following classes of property are designated special classes under Article V, Sec. 2(2), of the North Carolina Constitution and are excluded from tax:
…
(7a)	Real and personal property that meets each of the following requirements:
a.	It is a contiguous tract of land previously (i) used primarily for commercial or industrial purposes and (ii) damaged significantly as a result of a fire or explosion.
b.	It was donated to a nonprofit corporation formed under the provisions of Chapter 55A of the General Statutes by an entity other than an affiliate, as defined in G.S. 105‑163.010.
c.	No portion is or has been leased or sold by the nonprofit corporation."
SECTION 2.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 2011, and expires for taxes imposed for taxable years beginning on or after July 1, 2016.
In the General Assembly read three times and ratified this the 9th day of June, 2011.

	s/	 Walter H. Dalton
	 President of the Senate

	s/	 Thom Tillis
	 Speaker of the House of Representatives

	s/	 Beverly E. Perdue
	 Governor

Approved 9:30 a.m. this 13th day of June, 2011