NC Bill Would Exempt Virus Payments For Property Exemption

North Carolina would conform its revenue code to the Internal Revenue Code and would exempt coronavirus relief payments from gross income in determining if a taxpayer qualifies for the homestead exemption, under a bill in the state House of Representatives.

H.B. 279, which Rep. Julia Howard, R-Mocksville, introduced Monday, would update the state revenue code to conform to the IRC as of 2021. The bill would also provide that federal payments given as a part of the Coronavirus Aid, Relief and Economic Security Act would not be included in a resident's gross income in calculating whether the resident qualifies for the state's homestead property tax exemption.

The bill would also make clarifying changes to the state's revenue code, according to the bill summary.

--Editing by Vincent Sherry. 

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