GENERAL ASSEMBLY OF NORTH CAROLINA 



SESSION 1999 



S/H 1 



ERCOO-SGZ-002.01 (4.25) 

 12-MAY-OO EZT / 14:44:18 



ATTENTION: This is a draft and is not ready for introduction. 



Short Title: Brownfields Tax Incentive. (Public) 



Sponsors : 



Referred to: 



1 A BILL TO BE ENTITLED 



2 AN ACT TO CREATE A TAX INCENTIVE FOR THE REDEVELOPMENT OF 



3 BROWNFIELDS PROPERTIES, AS RECOMMENDED BY THE ENVIRONMENTAL 



4 REVIEW COMMISSION. 



5 The General Assembly of North Carolina enacts: 



6 Section 1. Article 12 of Chapter 105 of the General 



7 Statutes is amended by adding a new section to read: 



8 " § 105-277.13. Taxation of improvements on brownfields. 



9 ( a ) Qualifying improvements on brownfields propertiesare 



10 designated a special class of property under Article V, Sec. 2(2) 



11 of the North Carolina Constitution and shall be appraised, 



12 assessed, and taxed in accordance with this section. An owner of 



13 land is entitled to the partial exclusion provided by this 



14 section for the first five taxable years beginning after the 



15 first completion of any qualifying improvements made after the 



16 later of July 1, 2000, or the date of the brownfields agreement. 



17 After property has qualified for the exclusion provided by this 



18 section, the assessor for the county in which the property is 



19 located shall annually appraise the improvements made to the 



20 property during the period of time that the owner is entitled to 



21 the exclusion. 



