NORTH CAROLINA GENERAL ASSEMBLY

1969 SESSION

CHAPTER 817

HOUSE BILL 999

AN ACT TO AMEND ARTICLE 4, SCHEDULE D, DIVISION I OF CHAPTER 105 OF THE GENERAL STATUTES TO PROVIDE FOR THE AMORTIZATION OF CAPITAL INVESTED IN AIR CLEANING DEVICES.

The General Assembly of North Carolina do enact:

Section 1.  G.S. Section 105-130.10, as the same appears in the 1967 Cumulative Supplement to Volume 2D of the General Statutes, is hereby amended by rewriting the same to read as follows:

"G.S. 105-130.10.  Amortization of Air-Cleaning Devices and Waste Treatment Facilities. In lieu of any depreciation allowance, at the option of the corporation, a deduction shall be allowed for the amortization of the cost of any air cleaning device, sewage or waste treatment plant, including waste lagoons, and pollution abatement equipment purchased or constructed and installed which reduces the amount of air or water pollution resulting from the emission of air contaminants or the discharge of sewage, industrial waste, or other polluting materials or substances into the outdoor atmosphere or streams, lakes, rivers, or coastal waters, based on a period of sixty (60) months. The deduction provided herein shall apply also to the facilities or equipment of private or public utilities built and installed primarily for the purpose of providing sewer service to residential and outlying areas. The deduction provided for in this Section shall be allowed by The Commissioner of Revenue only upon the condition that the corporation claiming such allowance shall furnish to the Commissioner a certificate from the Board of Water and Air Resources certifying that said Board has found as a fact that the air cleaning device, waste treatment plant, or other pollution abatement equipment purchased or constructed and installed as above described has actually been constructed and installed and that such construction, plant or equipment complies with the requirements of said Board with respect to such devices, construction, plants or equipment, that such device, plant or equipment is being effectively operated in accordance with the terms and conditions set forth in the permit, certificate of approval, or other document of approval issued by the Board of Water and Air Resources, and that the primary purpose thereof is to reduce air or water pollution resulting from the emission of air contaminants or the discharge of sewage and waste and not merely incidental to other purposes and functions. The deduction herein provided for shall also be allowed as to plants or equipment constructed or installed after January 1, 1955, but only with respect to the undepreciated value of such plants or equipment."

Sec. 2.  All laws and clauses of laws in conflict with this Act are hereby repealed.

Sec. 3.  This Act shall be effective upon its ratification.

In the General Assembly read three times and ratified, this the 12th day of June, 1969.