Thursday, July 23, 2009
One of NCHBA's top Legislative Priorities, H.B. 852 Defer Tax on Builders' Inventory, was enacted on Friday July 17th. This will allow home builders with unsold inventory to defer the portion of tax assessed for the improvements (construction of a home). All of the deferred tax, plus interest, must be paid when home is sold or occupied. This act is effective for taxes imposed for taxable years beginning on or after July 1st, 2010.