GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

H	2 

HOUSE BILL 13
Senate Finance Committee Substitute Adopted 8/20/97

Short Title:  Reduce Inheritance Tax.	(Public)

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Sponsors:

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Referred to:  

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February 3, 1997

A BILL TO BE ENTITLED
AN ACT TO REDUCE INHERITANCE TAXES.
The General Assembly of North Carolina enacts:
Section 1.  Article 1 of Chapter 105 of the General Statutes is amended by adding a new section to read:
"§ 105-6.1.  Reduction of inheritance tax.
When this Article imposes an inheritance tax on property transferred by a decedent but no state death tax credit is allowed under section 2011 of the Code against federal estate tax due on the transfer of the decedent's estate, the amount of inheritance tax is reduced by nine percent (9%).  When this Article imposes an inheritance tax on property transferred by a decedent and a state death tax credit is allowed under section 2011 of the Code against federal estate tax due on the transfer of the decedent's estate, the amount of inheritance tax that exceeds the maximum credit for state death taxes is reduced by nine percent (9%)."
Section 2.  This act does not affect the rights or liabilities of the State, a taxpayer, or another person arising under a statute amended or repealed by this act before the effective date of its amendment or repeal; nor does it affect the right to any refund or credit of a tax that accrued under the amended or repealed statute before the effective date of its amendment or repeal.
Section 3.  This act becomes effective July 1, 1998, and applies to the estates of decedents dying on or after that date.  Section 1 of this act is repealed October 1, 2000, and applies to the estates of decedents dying on or after that date.