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18 <br />~~,b,~ <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2003 <br />SENATE BILL 277 <br />Short Title: Exempt University Trust Property. (Public) <br />Sponsors: Senators Rand; Apodaca, Dannelly, Dorsett, <br />Garrou, Garwood, Gulley, Hagan, Hargett, Holloman, Hoyle, <br />Jenkins, Lucas, Malone, Metcalf, Moore, Purcell, Queen, Stevens, <br />Swindell, and Weinstein. <br />Referred to: Finance. <br />March 4, 2003 <br />A BILL TO BE ENTITLED <br />AN ACT TO EXEMPT FROM PROPERTY TAX EDUCATIONAL PROPERTY HELD BY <br />A NONPROFIT ENTITY IN TRUST FOR A PUBLIC OR PRIVATE <br />UNIVERSITY LOCATED IN NORTH CAROLINA. <br />The General Assembly of North Carolina enacts: <br />SECTION 1. G.S. 105-278.4 reads as rewritten: <br />"§ 105-278.4. Real and personal property used for <br />educational purposes. <br />(a)Buildings. - Buildings, the land they actually <br />occupy, and additional land reasonably necessary for the <br />convenient use of any such building shall be exempted from <br />taxation if: ,~ ~Y;~„};~ <br />(1) Owned by '' `~ <br />,, ~ ' ~••* • ~ either of the <br />following: <br />a. An educational institution. <br />b. A nonprofit entit intrust for,_the <br />sole benefit of a constituent or <br />affiliated institution of The University of <br />North Carolina or an institution as defined in <br />G.S. 116-22. <br />(2) The owner is not organized or operated for profit <br />and no officer, shareholder, member, or employee of <br />the owner or any other person is entitled to <br />receive pecuniary profit from the owner's <br />operations except reasonable compensation for <br />services; <br />(3) Of a kind commonly employed in the performance of <br />those activities naturally and properly incident to <br />the operation of an educational institution such as <br />the owner; and <br />(4) Wholly and exclusively used for educational <br />purposes.by tl~e owner.or occupied gratuitously by <br />another nonprofit educational institution <br />and wholly and <br />exclusively used by the occupant for nonprofit <br />educational purposes. <br />(b) Land. - Land (exclusive of improvements); and <br />improvements other than buildings, the land actually occupied by <br />such improvements, and additional land reasonably necessary for <br />the convenient use of any such improvement shall be exempted <br />from taxation if: <br />(1) Owned by an educational institution that owns real <br />property entitled to exemption under the provisions <br />of subsection (a), above; <br />03/19/2003 <br />http://www.ncga.state.nc.us/htm12003/bills/allversions/senate/s277v l .htrnl <br />