AANC Introduces HB 119 - Title Property Tax Relief for COVID Affected Business
Primary Sponsors: John Bradford, John Bell, Jason Saine, Jon Hardister. The bill offers some business owners a COVID-19 related deferment on their 2020 property tax payment through the end of 2021. A qualifying owner of property may apply for and would be granted a deferment on enforced collections from property tax liability as provided in this section. The purpose is to recognize revenue interruptions to businesses in North Carolina during the COVID-19 pandemic and balance both the provision of property tax relief to those businesses and the fiscal and budgeting needs of local governmental units. Business owners would have to demonstrate two primary economic impacts from COVID-19 for the period of March to December 2020. The first is at least a 25% reduction in their gross revenues for the 10-month period. The second is focused on retail businesses that collect and remit sales tax. Their collections would have to be down at least 25% during the same period. To review HB 119, which was filed on Feb. 19, 2021, click here.