BRASS-NICKEL
TOURING REGION
underwood

HB 1001

The General Assembly of North Carolina enacts:

Section 1. G. S. 15-187.7 reads as rewritten:
 

§105.187.7- Credits

a. Tax paid in another state: A person who, within 90 days before applying for a certificate of title for a motor vehicle on which the tax imposed by this Article is due, has paid a sales tax, or a tax substantially equivalent to the tax imposed by this Article on this vehicle to a taxing jurisdiction outside this State is allowed a credit against the tax due under this Article for the amount of tax paid to the other jurisdiction.
 

b. Tax paid in within one year: A person who applies for a certificate of title for a motor vehicle that is titled in another state but was formerly titled in this State is allowed a credit against the tax due under this Article for the amount of tax paid under this Article by that person on the same vehicle within one year before the application for certificate of title.

Section 2- Article 22A of Chapter 105 of the General Statue is amended by adding a new section to read
 

§ 105-330.9. Antique Automobile

a. For the purpose of this section, the term "antique automobile" means a motor vehicle that meets all of the following conditions.

  1. It is registered with the Division of Motor Vehicles and has an historic special license plate under G.S. 20-79-4.

  2. It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions.

  3. It is used only occasionally for other purposes.

  4. It is owned by an individual.

  5. It is used by the owner for a purpose other than the production of income and is not used in conjunction with a business.

b. Antique automobiles are designated a special class of property under Article V, Sec. 2 (2) of North Carolina Constriction and shall be assessed for taxation in accordance with this section. An antique automobile shall be assessed at a lower of its true value or five hundred dollars ($500.00). (1995, c.512, s.2)

Section 3 - Section 1 of this act becomes effective October 1, 1995; the remainder of this act is effective for taxes imposed for taxable years beginning on or after October 1, 1995.