A BILL TO BE ENTITLED
AN ACT to modify the department of transportation just compensation interest rate.
The General Assembly of North Carolina enacts:
SECTION 1.  G.S. 24‑1 reads as rewritten:
"The legal rate of interest shall be eight percent (8%) per annum for such time as interest may accrue, and no more."
SECTION 2.  G.S. 136‑113 reads as rewritten:
"§ 136‑113.  Interest as a part of just compensation.
To said amount awarded as damages by the commissioners or a jury or judge, the judge shall, as a part of just compensation, add interest at the legal rate as provided in G.S. 24‑1 on said amount from the date of taking to the date of judgment; but interest shall not be allowed from the date of deposit on so much thereof as shall have been paid into court as provided in this Article. Interest shall accrue on the difference between the deposit and judgment thereafter as provided in G.S. 24‑1."
SECTION 3.  This act is effective when it becomes law and applies to causes of action filed on or after that date.