SB 427

Modifies the term non-business property set forth in GS 105-275 (property classified and excluded from the tax base) so that it also refers to personal property used for production of income or in connection with a business, or both, provided the value of the property at the time of acquisition is equal to or less than $20,000 and no longer includes household furnishing, clothing, pets, lawn tools, and lawn equipment. Changes the name of the term to qualified personal property . Removes watercraft engines from the property exempted from the term. Clarifies that the motor vehicles, aircraft, and watercraft exempt under the term are those that are required to be registered the applicable provisions of State or federal law. Makes organizational changes.