• The age of the antique automobile must be 35 years or older.
• The owner must purchase a historic vehicle plate as recognized by the General Statues - Antique Automobile (applies to cars 35 to 49 years old) or Horseless Carriage (applies to cars 50 years or older).
•  It is owned by an individual and not used in connection with a business.
•  It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions & is only occasionally used for other purposes.
  

HB 1001

The General Assembly of North Carolina enacts:

Section 1. G. S. 15-187.7 reads as rewritten:

§105.187.7- Credits

b. Tax paid in within one year: A person who applies for a certificate of title for a motor vehicle that is titled in another state but was formerly titled in this State is allowed a credit against the tax due under this Article for the amount of tax paid under this Article by that person on the same vehicle within one year before the application for certificate of title.

Section 2- Article 22A of Chapter 105 of the General Statue is amended by adding a new section to read

§ 105-330.9. Antique Automobile

a. For the purpose of this section, the term "antique automobile" means a motor vehicle that meets all of the following conditions.
    1. It is registered with the Division of Motor Vehicles and has an historic special license plate under G.S. 20-79-4.
    2. It is maintained primarily for use in exhibitions, club activities, parades, and other public interest functions.
    3. It is used only occasionally for other purposes.
    4. It is owned by an individual.
    5. It is used by the owner for a purpose other than the production of income and is not used in conjunction with a business.

b. Antique automobiles are designated a special class of property under Article V, Sec. 2 (2) of North Carolina Constriction and shall be assessed for taxation in accordance with this section. An antique automobile shall be assessed at a lower of its true value or five hundred dollars ($500.00). (1995, c.512, s.2)

Section 3 - Section 1 of this act becomes effective October 1, 1995; the remainder of this act is effective for taxes imposed for taxable years beginning on or after October 1, 1995.