§ 105-277. Property classified for taxation at reduced rates; certain deductions.
AI-assisted research summary: This section lets taxpayers deduct certain fertilizer-related debt, requires solar-energy buildings to be assessed like comparable conventional buildings without added value for the solar system difference, and requires exclusion of certain investment amounts when assessing private water company property.
(a)through (c) Repealed by Session Laws 1987, c. 813, s. 9, effective for taxable years beginning on or after January 1, 1988. (d)All bona fide indebtedness incurred in the purchase of fertilizer and fertilizer materials owing by a taxpayer as principal debtor may be deducted from the total value of all fertilizer and fertilizer materials as are held by such taxpayer for his own use in agriculture during the current year. (e)Repealed by Session Laws 1987, c. 813, s. 9, effective for taxable years beginning on or after January 1, 1988. (f)Repealed by Session Laws 1977, c. 869, s. 1. (g)Buildings equipped with a solar energy heating or cooling system, or both, are hereby designated a special class of property under authority of Article V, Sec. 2(2) of the North Carolina Constitution. Such buildings shall be assessed for taxation in accordance with each county’s schedules of value for buildings equipped with conventional heating or cooling systems and no additional value shall be assigned for the difference in cost between a solar energy heating or cooling system and a conventional system typically found in the county. As used in this classification, the term “system” includes all controls, tanks, pumps, heat exchangers and other equipment used directly and exclusively for the conversion of solar energy for heating or cooling. The term “system” does not include any land or structural elements of the building such as walls and roofs nor other equipment ordinarily contained in the structure. (h)Private Water Companies. —Contributions in aid of construction and acquisition adjustments. In assessing the property of any private water company, there shall be excluded that portion of the investment of the company represented by contributions in aid of construction and by acquisition adjustments which is designated a special class of property under Article V, Sec. 2(2) of the Constitution. “Investment,” “contributions in aid of construction” and “acquisition adjustment” shall have the meanings as those terms are defined in the Uniform System of Accounts specified by the North Carolina Utilities Commission for use by such private water company. (i)Repealed by Session Laws 1987, c. 622, s. 5. History: History.1947, c. 1026; 1955, c. 697, s. 1; 1961, c. 1169, ss. 6, 7, 71/2; 1963, c. 940; 1971, c. 806, s. 1; 1973, c. 511, s. 4; c. 695, s. 2; 1975, c. 578; 1977, c. 869, s. 1; c. 965; 1979, c. 605, s. 1; 1985, c. 440; c. 656, ss. 52, 52.1; 1985 (Reg. Sess., 1986), c. 947, s. 5; 1987, c. 622, s. 5; c. 813, s. 9; 2003-416, s. 20.