NC S828

Exempts leasehold improvements and new equipment from retail sales and use tax if purchased by small businesses with gross annual sales not exceeding $2,000,000, the property is capitalized for tax purposes, and has a value of at least $50,000.

Excludes passenger automobiles exceeding $100,000 in price and recreational watercraft from the sales tax exemption.

Provides a 15% property tax exclusion on the appraised value of tangible personal property exempt under the sales tax provision if that property has a value of at least $100,000.

Sales tax exemption effective July 1, 2016 for sales made on or after that date; property tax exclusion effective for taxable years beginning on or after July 1, 2016.