Loading chat...
NC S695
Bill
Status
Engrossed
6/19/2025
Primary Sponsor
Michael Lazzara
Click for details
AI Summary
- Creates a 90% property tax exclusion for qualified developments located in locally-approved "incentive districts" when held for sale by a builder
- Incentive districts must be designated by a developer, approved by the local governing body, and cannot exceed 5% of the local government's total area
- Qualified development includes land and unoccupied improvements but excludes remodeling, renovation, rehabilitation, or refinishing of existing structures
- The tax exclusion expires after 10 years or upon sale of the property, whichever comes first
- Effective for taxable years beginning on or after July 1, 2026
Legislative Description
Incent Development Finance District Funding
Construction
Last Action
Re-ref Com On Finance
6/25/2025
Committee Referrals
Finance6/25/2025
State and Local Government6/24/2025
Rules, Calendar, and Operations of the House6/19/2025
Rules and Operations of the Senate6/17/2025
Finance5/22/2025
State and Local Government4/28/2025
Rules and Operations of the Senate3/26/2025
Full Bill Text
No bill text available