NORTH CAROLINA GENERAL ASSEMBLY

1971 SESSION

 

 

CHAPTER 1054

SENATE BILL 84

 

 

AN ACT AMENDING CHAPTER 105 OF THE GENERAL STATUTES TO REDUCE THE TIME WITHIN WHICH INHERITANCE TAXES MUST BE PAID.

 

The General Assembly of North Carolina enacts:

 

Section 1.  G.S. 105-9.1 is amended by rewriting the first sentence thereof to read as follows:

"For the purposes of this article, all property shall be valued at its fair market value as of the date of death of the decedent, except that the personal representative of the estate may elect to value the property as of a date six months after the date of death of the decedent, substituting in the case of property distributed, sold, exchanged or otherwise disposed of during the six month period, the fair market value of such property as of the date of such distribution, sale, exchange, or other disposition."

Sec. 2.  G.S. 105-16 is amended:

(a)  by striking out on line 3 thereof, the word "fifteen" and substituting in lieu thereof the word "nine";

(b)  by striking out on line 5, the word "fifteen" and substituting in lieu thereof the word "nine";

(c)  by rewriting the first proviso therein, to read as follows: "Provided, that if the taxes herein levied shall not be paid in full within nine months from the later of the date of death of the testator, intestate, grantor, donor or vendor, or from the qualification of the executor or administrator, then and in such case a penalty of five per centum (5%) upon the amount of taxes remaining due and unpaid shall be added:"

Sec. 3.  G.S. 105-17 is amended by rewriting the same to read as follows:

"§ 105-17.  Collection to be made by sheriff if not paid in one year. — If taxes imposed by this article are not paid within one year after the death of the decedent, it shall be the duty of the Commissioner of Revenue to certify to the sheriff of the county in which the estate is located the amount of tax due upon such inheritance, and the sheriff shall collect the same as other taxes, with an addition of two and one-half per cent (2-1/2%) as sheriffs fees for collecting same, which fees shall be in addition to any salary or other compensation allowed by law to the sheriffs for their services; and the sheriff is hereby given the same rights of levy and sale upon any property upon which the said tax is payable as said officer is given for the collection of any and all other taxes. The sheriff shall make return to the Commissioner of Revenue of all such taxes within thirty days after collection."

Sec. 4.  G.S. 105-23 is amended:

(a)  by deleting the sixth and seventh words appearing in the second line thereof, to wit, "in duplicate";

(b)  by inserting the words "or affirmation" immediately after the word "oath" appearing in the fifteenth line thereof;

(c)  by striking out on line 22 thereof the word "fifteen" and substituting in lieu thereof the word "nine".

Sec. 5.  This act shall be effective on 1 July 1971, with respect to estates of decedents dying on and after that date.

In the General Assembly read three times and ratified, this the 21st day of July, 1971.