GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2005
SESSION LAW 2005-293
HOUSE BILL 705
AN ACT to allow buyout payments to count towards the One thousand dollar gross income requirement for agricultural land for present-use value tax EXEMPTIONS.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105-277.3(a)(1) reads as rewritten:
"§ 105-277.3. Agricultural, horticultural, and forestland - Classifications.
(a) Classes Defined. - The following classes of property are designated special classes of property under authority of Section 2(2) of Article V of the North Carolina Constitution and must be appraised, assessed, and taxed as provided in G.S. 105-277.2 through G.S. 105-277.7.
(1) Agricultural land. -
Individually owned agricultural land consisting of one or more tracts, one of
which consists of at least 10 acres that are in actual production and that, for
the three years preceding January 1 of the year for which the benefit of this
section is claimed, have produced an average gross income of at least one
thousand dollars ($1,000). Gross income includes income from the sale of the
agricultural products produced from the land and land, any
payments received under a governmental soil conservation or land retirement program.
program, and the amount paid to the taxpayer during the taxable year
pursuant to P.L. 108-357, Title VI, Fair and Equitable Tobacco Reform Act of
2004. Land in actual production includes land under improvements used in
the commercial production or growing of crops, plants, or animals."
SECTION 2. This act is effective for taxes imposed for taxable years beginning on or after July 1, 2005.
In the General Assembly read three times and ratified this the 11th day of August, 2005.
s/ Beverly E. Perdue
President of the Senate
s/ James B. Black
Speaker of the House of Representatives
s/ Michael F. Easley
Governor
Approved 2:57 p.m. this 22nd day of August, 2005