NORTH CAROLINA GENERAL ASSEMBLY

1981 SESSION

 

 

CHAPTER 1217

HOUSE BILL 1431

 

 

AN ACT TO CONFORM THE STATE LIMIT ON THE EXCLUDABLE AMOUNT OF GAIN FROM THE SALE OF A RESIDENCE TO THE FEDERAL LIMIT.

 

The General Assembly of North Carolina enacts:

 

Section 1. G.S. 105-141(b)(26)b.l. is amended by substituting the phrase "one hundred twenty-five thousand dollars ($125,000)" for the phrase "one hundred thousand dollars ($100,000)", and by substituting the phrase "sixty-two thousand five hundred dollars ($62,500)" for the phrase "fifty thousand dollars ($50,000)".

Sec. 2. This act is effective upon ratification and applies to residences sold or exchanged after July 20, 1981.

In the General Assembly read three times and ratified, this the 18th day of June, 1982.