GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 1997

S	1 

SENATE BILL 185*

Short Title:  No Tax on Intangible Property.	(Public)

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Sponsors: Senators Hoyle; Conder, Cooper, Forrester, Jordan, Kerr, Perdue, Plyler, and Rand.

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Referred to:  Finance.

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February 19, 1997

A BILL TO BE ENTITLED
AN ACT TO EXEMPT INTANGIBLE PERSONAL PROPERTY FROM PROPERTY TAX.
The General Assembly of North Carolina enacts:
Section 1.  G.S. 105-275(31) reads as rewritten:
"(31)	Intangible personal property."
Section 2.  G.S. 105-275(31a), (31b), (31c), and (31d) are repealed.
Section 3.  G.S. 105-276 reads as rewritten:
"§ 105-276.  Exemption of intangible personal property.
Intangible personal property is excluded from taxation under G.S. 105-275 and is not, therefore, subject to this Subchapter."
Section 4.  G.S. 105-282.1(a)(2) reads as rewritten:
"(2)	Owners of the special classes of property excluded from taxation under G.S. 105-275(5), (15), (16), (26), (31), (32a), (33), (34), or (40), or exempted under G.S. 105-278.2 are not required to file applications for the exclusion or exemption of that property."
Section 5.  G.S. 105-285(b) reads as rewritten:
"(b)	Personal Property; General Rule. – Except as otherwise provided in this Chapter, the value, ownership, and place of taxation of personal property shall be determined annually as of January 1."
Section 6.  G.S. 105-294(b)(3) reads as rewritten:
"(3)	Within two years of the date of appointment, achieve a passing score in courses of instruction approved by the Department of Revenue covering the following topics:
		a. 	The laws of North Carolina governing the listing, appraisal, and assessment of property for taxation;
		b. 	The theory and practice of estimating the fair market value of real property for ad valorem tax purposes;
		c. 	The theory and practice of estimating the fair market value of personal property for ad valorem tax purposes; and
		d. 	Property assessment administration."
Section 7.  G.S. 105-305 is repealed.
Section 8.  G.S. 105-333(3) reads as rewritten:
"(3)	Distributable system property. – All real and personal property owned or used by a railroad company other than nondistributable system property."
Section 9.  G.S. 105-333(17) reads as rewritten:
"(17)	System property. – The real and personal property used by a public service company in its public service activities. The term also includes public service company property under construction on the day as of which property is assessed which when completed will be used by the owner in its public service activities."
Section 10.  This act is effective for taxes imposed for taxable years beginning on or after July 1, 1997.