NC S579

Modifies G.S. 105-275(12) to allow nonprofit corporations to hold conservation land "primarily" rather than "exclusively" for educational and scientific purposes, and expands eligibility to include properties meeting conservation purposes under G.S. 105-151.12.

Adds new G.S. 105-275(29b) to create a five-year property tax deferral for real property owned by nonprofits for land conservation purposes, with deferred taxes becoming a lien on the property.

Establishes two categories for the deferral: property held for sale under conservation agreements, and property held for future sale or transfer to government units for conservation purposes.

Deferred taxes are extinguished if property is sold or transferred as intended within five years; otherwise, deferred taxes become due and payable when the property loses eligibility due to a disqualifying event.

Effective for taxable years beginning on or after July 1, 2011.