§ 105-277.10. Taxation of precious metals used or held for use directly in manufacturing or processing by a manufacturer. - North Carolina Statutes

§105‑277.10.  Taxation of precious metals used or held for use directly inmanufacturing or processing by a manufacturer.

Precious metals, includingrhodium and platinum, used or held for use directly in manufacturing orprocessing by a manufacturer as part of industrial machinery is designated aspecial class of property under Article V, Sec. 2(2) of the North CarolinaConstitution and shall be assessed for taxation in accordance with thissection.  The classified property shall be assessed at the lower of its truevalue or the manufacturer's original cost less depreciation.  The original costof the classified property shall be adjusted by the index factor, if any, thatapplies in assessing the industrial machinery with which the property is used,and the depreciable life of the classified property shall be the life assignedto the industrial machinery with which the property is used.  The residualvalue of the classified property may not exceed twenty‑five percent (25%)of the manufacturer's original cost. (1989, c. 674, s. 1.)