NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 1222

HOUSE BILL 1309

 

 

AN ACT TO AMEND G.S. 105-4(b) RELATING TO EXEMPTIONS FOR INHERITANCE TAX PURPOSES.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Subsection (b) of G.S. 105-4 is hereby amended by deleting the last sentence thereof in its entirety and by substituting the following therefor: "The same rule shall apply to the taking under a will, and also in the case of a specific legacy or devise. When a person shall die, testate or intestate, leaving a spouse and child or children, and such surviving spouse receives, whether under a will or otherwise than by will, all or substantially all the decedent's property, such surviving spouse shall be allowed at his or her option an additional exemption of five thousand dollars ($5,000.00) for each child under 21 years of age, and each child 21 years of age, or older, who is mentally incapacitated, or by reason of physical disability is unable to support himself, is unmarried and residing with the decedent in his or her home at the time of such decedent's death, or who is then institutionalized by reason of such mental incapacity or physical disability; provided that whenever such spouse elects to claim such additional exemption, the child or children shall not be allowed the exemption of five thousand dollars ($5,000.00) for each child hereinabove provided for."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall become effective July 1, 1967, and shall apply to estates of all persons dying on or after that date.

In the General Assembly read three times and ratified, this the 6th day of July, 1967.