Bill > S660

This bill provides comprehensive tax relief and economic support for disabled veterans in North Carolina through several key provisions. First, the bill gradually increases the property tax homestead exclusion for disabled veterans, starting with $75,000 in 2025, rising to $125,000 in 2026, and ultimately allowing an exclusion up to $500,000 or 100% of the home's appraised value by 2027. The bill also introduces a prequalification process that allows disabled veterans to establish their eligibility for the tax exemption in advance of purchasing a home. Additionally, the legislation creates a new tax exemption for the primary motor vehicle owned by a 100% disabled veteran, excluding it from property taxation. To ensure local governments are not financially harmed by these exemptions, the bill establishes a "hold harmless" reimbursement mechanism where the state will compensate counties and cities for up to 50% of their tax revenue losses. The bill further establishes a $10 million Veterans' Economic Development Incentive Grant Program, which will provide $100,000 grants to eligible entities for veteran-focused initiatives including affordable housing, infrastructure improvements, and employment programs. Lastly, the bill requires annual reporting on the financial impacts and benefits of these veteran support measures, demonstrating a comprehensive approach to supporting disabled veterans in North Carolina.

https://www.ncleg.gov/BillLookUp/2025/S660