North Carolina legislation · 2025-2026 Session
North Carolina S695: Incent Development Finance District Funding.
Status: Signed into law, June 22, 2026
What the bill says
An act to grow the property tax base of units of local government by facilitating private developer involvement in certain project developments.
From the introduced text:
AN ACT TO GROW THE PROPERTY TAX BASE OF UNITS OF LOCAL GOVERNMENT BY FACILITATING PRIVATE DEVELOPER INVOLVEMENT IN CERTAIN PROJECT DEVELOPMENTS. The General Assembly of North Carolina enacts: SECTION 1. Article 12 of Chapter 105 of the General Statutes is amended by adding a new section to read: "§ 105-277.03. Incentive district property tax exclusion. (a) Classification. - Qualified development (i) located in an incentive district and (ii) held for sale by a builder is designated a special class of property under Section 2(2) of Article V of the North Carolina Constitution and is taxable in accordance with this section. Ninety percent (90%) of the appraised value of property classified under this section is excluded from taxation. Property receiving an exclusion under this section may not receive property tax relief under G.S. 105-277.02. (b) Definitions. - The following definitions apply in this section: (1) Incentive district. - An area (i) designated by a developer, (ii) submitted for approval to the governing body of the unit of local government in which the area is located, (iii) determined, by that governing body, to be an area for which the unit could apply for project development financing debt instruments pursuant to Article 6 of Chapter 159 of the General Statutes, and (iv) approved by resolution of the governing body as an incentive …
Sponsors
- Lazzara, Michael A. (R, 6) · primary sponsor
- Johnson, Todd (R, 35) · primary sponsor
Latest actions
- : Ch. SL 2026-12
- : Signed by Gov. 6/22/2026
- : Pres. To Gov. 6/18/2026
- : Ratified
- : Ordered Enrolled
- : Concurred In H Com Sub
- : Placed On Cal For 06/16/2026
- : Withdrawn From Com
- : Ref To Com On Rules and Operations of the Senate
- : Regular Message Received For Concurrence in H Com Sub
Votes
- Incent Development Finance District Funding. Motion 9 To Concur (June 16, 2026): 45 yea, 0 nay, passed
- Incentive Development Finance District Funding. Second Reading (June 10, 2026): 110 yea, 1 nay, passed
- Incentive Development Finance District Funding. A1 Jackson, N. Second Reading (June 10, 2026): 112 yea, 0 nay, passed
- Incent Development Finance District Funding. Second Reading (June 19, 2025): 42 yea, 0 nay, passed
Subjects: PROPERTY, CONSTRUCTION INDUSTRY, TAXES, PROPERTY, LOCAL GOVERNMENT, CONSTRUCTION, ECONOMIC DEVELOPMENT, REAL ESTATE, PUBLIC
Common questions
- What is S695?
- S695 is a bill in the North Carolina Legislature (2025-2026 Session): Incent Development Finance District Funding.
- What does S695 do?
- In its own words: An act to grow the property tax base of units of local government by facilitating private developer involvement in certain project developments.
- What is the status of S695?
- Signed into law as of June 22, 2026. Latest action: Ch. SL 2026-12 (June 22, 2026).
- Who sponsored S695?
- Lazzara, Michael A. (R, 6), with 1 co-sponsor.
- Where is the official record for S695?
- On the North Carolina Legislature website: https://www.ncleg.gov/BillLookUp/2025/S695
Source: official North Carolina record. Tracked by Delilah, AI for legislation across all 50 states and Congress.