North Carolina lawmakers have passed a bill designed to spark new construction by offering massive tax breaks to property developers. Senate Bill 695 is now on the governor's desk after receiving near-unanimous bipartisan support in the General Assembly.
The legislation allows local governments to set up specialized development finance districts. Within these zones, municipalities can grant developers up to a 90% property tax exclusion on the value of new improvements. The substantial tax break can last for up to 10 years to help incentivize local building projects.
If signed by Governor Josh Stein, the new development rules will take effect on July 1.
