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NC Dept. or' Revenue Fax:919-?33-1821 <br /> <br /> GF2~RAL ASSEMBLY OF NORTH CAROl.INA <br /> <br />Dec $ '97 14:34 P. 04 <br /> <br />SESSION 1989 <br /> <br /> 9 <br /> 10 <br /> I1 <br /> 12 <br /> 13 <br /> 14 <br /> <br /> 16 <br /> 17 <br /> 18 <br />'~-~"' 19 <br /> 20 <br /> 21 <br /> 22 <br /> 23 <br /> 24 <br /> 25 <br /> 26 <br /> 27 <br /> 28 <br /> 29 <br /> 30 <br /> 31 <br /> 32 <br /> <br /> 34 <br /> <br />1 incre.ased the benefits under Tiller [I and XVI of the Social Security Act during the <br />2 eatendar year ~)receding th.e,year in which the determination of a new jll¢qme limit JS <br />3 made. rounded to the nqarest one hundred dollars ($100.00/. On 0r before June 10 <br />4 of each year the D~portment of Re. venue ~h0ll determine the amouat to be in effect <br />5 for the t~.xable year beginning the following January 1 and sh~ll noti~' th~ assessor of <br />6 ¢och county of the amount to beJn effect for that taxable year. <br />7 (b) Definitions. -- When used in this section, the following definitions shall apply: <br />8 (1) 'Aggregate household income' means the total disposabl, income <br /> of all the persons who maintain a permanent residence in the same <br /> h0usehol~, <br /> (2) 'Disposable income' means ad)usted gross income, as defined Jo <br /> G.S. 105-I4!.3, .plus all other money received ~om every f9urce <br /> ~g.~r thgn gifts or ~nheritaneef receive0 from a fpouse, a lineal <br /> ancestor~or a lineal descendant. <br /> An 'owner' of property means a person who holds legal or <br /> ..... et wh~ther individually, ~ as a <br /> equitable title to the property, ~:'~ ' <br /> tenant by the entirety, a joint tenant, ~ a tenant in common, or as <br /> the holder of a life estate or an estate for the life of another. <br /> Property owned and occupied by husband and wife as tenants by <br /> the entirety shall be entitled to the full ~enefit of this classification <br /> notwithstanding that only one of them meets the age or disability <br /> requirements ~ .... :-' F.o.vt~ ~ this section. If the residence is a <br /> ~ ~nufactured home and is jointly owned by husband and <br /> wife, it shall be treated as property held by the entire~y. When <br /> property is owned by two or more persons other than husband and <br /> wife and one or more of ~~ owners qualifies for this <br /> classification, each quali~ing owner shall be entitled to the full <br /> amount of the exclusion not to exceed his or her proportionate <br /> share of the valuation of the property. No part of an exclusion <br /> available to one co-owner may be claimed by any o~her co-owner <br /> and in ao event shall the total exclusion allowed to a quali~ing <br /> <br /> .............................. ~ ....... ~. exceed the index <br /> lmgunt. <br /> <br />House Bill 1597 <br /> <br />Page 3 <br /> <br /> <br />