GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2001
H	1
HOUSE BILL 8

 
 
Short Title:	Repeal Gift Tax.	()	
Sponsors:	Representatives Gray;  Cansler, Carpenter, Church, Esposito, Justus, Mitchell, Pope, Rayfield, Sherrill, Shubert, and Smith.	
Referred to:	Finance.	
January 29, 2001

	A BILL TO BE ENTITLED
AN ACT TO REPEAL THE GIFT TAX.

The General Assembly of North Carolina enacts:
SECTION 1.  Article 6 of Chapter 105 of the General Statutes is repealed.
SECTION 2.  G.S. 35A‑1336(2) reads as rewritten:
"(2)	Each donee is a donee to which a competent donor could make a gift, without limit as to amount, without incurring gift tax liability."
SECTION 3.  G.S. 35A‑1341(2) reads as rewritten:
"(2)	Each donee is a donee to which a competent donor could make a gift, without limit as to amount, without incurring gift tax liability."
SECTION 4.  G.S. 35A‑1351(3) reads as rewritten:
"The judge shall not approve the gift unless it appears to the judge's satisfaction that:
…
(3)	Each donee of any part of the life interest is a donee to which a competent donor could make a gift, without limit as to amount, without incurring gift tax liability;
….
SECTION 5.  G.S. 105‑263 reads as rewritten:
"§ 105‑263.  Extensions of time for filing a report or return.
The Secretary may extend the time in which a person must file a report or return with the Secretary. To obtain an extension of time for filing a report or return, a person must comply with any application requirement set by the Secretary. An extension of time for filing a franchise tax return or an income tax return does not extend the time for paying the tax due or the time when a penalty attaches for failure to pay the tax. An extension of time for filing a report or any return other than a franchise tax return or an income tax return extends the time for paying the tax due and the time when a penalty attaches for failure to pay the tax. When an extension of time for filing a report or return extends the time for paying the tax expected to be due with the report or return, interest, at the rate established pursuant to G.S. 105‑241.1(i), accrues on the tax due from the original due date of the report or return to the date the tax is paid."
SECTION 6.  G.S. 143B‑221 reads as rewritten:
"§ 143B‑221. Department of Revenue ‑‑ organization.
The Department of Revenue shall be organized in accordance with Article 1 of this Chapter.
The Secretary of Revenue may create, appoint, and disband committees and councils to consult with and advise the Department on matters relating to the duties, responsibilities, or functions of the Department."
SECTION 7.  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 8.  This act becomes effective January 1, 2002, and applies to gifts made on or after that date.