NC H246

Increase income eligibility limit for elderly or disabled homestead property tax exclusion from $25,000 to $35,000, effective for taxable years beginning July 1, 2011

Establish annual cost-of-living adjustments to the income eligibility limit based on Social Security Act benefit adjustments, rounded to the nearest $100

Allow deduction of short-term and long-term capital losses (as defined in Internal Revenue Code sections 1211 and 1222) when calculating income for homestead exclusion eligibility

Require the Department of Revenue to determine and notify county assessors of the income eligibility amount by July 1 of each year for the following taxable year