NORTH CAROLINA GENERAL ASSEMBLY

1967 SESSION

 

 

CHAPTER 788

SENATE BILL 208

 

 

AN ACT TO AMEND SECTION 105-204 RELATING TO THE INTANGIBLE PERSONAL PROPERTY TAX ON BENEFICIAL INTERESTS IN FOREIGN TRUSTS.

 

The General Assembly of North Carolina do enact:

 

Section 1.  Section 105-204 of the General Statutes is hereby amended by striking out the period at the end of such Section and by adding thereto the following: "less, however, the proportion of such value as is equal to the proportion of the beneficiary's income from the trust, trust fund, or trust account (including custodian accounts) that is attributable to (1) interest received by the fiduciary on bonds, notes or other evidences of debt of the United States, State of North Carolina, subdivisions of this State, or agencies of such governmental units and (2) dividends received by the fiduciary on shares of stock which, or to the extent that the same, are deductible by the beneficiary in computing his income tax liability under the provisions of subdivision (7) of Section 105-147."

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  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be in full force and effect from and after its ratification.

In the General Assembly read three times and ratified, this the 15th day of June, 1967.