Bill Text: NC S1234 | 2010 | Regular Session | Amended

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Bill Title: Poverty Reduction: Tax Incidence Reports

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2010-05-19 - Ref To Com On Finance [S1234 Detail]

Download: North_Carolina-2010-S1234-Amended.html

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GENERAL ASSEMBLY OF NORTH CAROLINA

SESSION 2009

S                                                                                                                                                     1

SENATE BILL 1234*

 

 

Short Title:        Poverty Reduction:  Tax Incidence Reports.		(Public)
Sponsors:	Senators Jones; and Berger of Franklin.
Referred to:	Finance.

May 19, 2010

A BILL TO BE ENTITLED

AN ACT to require certain tax incidence reports by the Department of revenue, as recommended by the joint legislative study commission on poverty reduction and economic recovery.

The General Assembly of North Carolina enacts:

SECTION 1.  G.S. 105‑256(a) is amended by adding the following subdivision to read:

"(a)       Publications. – The Secretary shall prepare and publish the following:

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(2a)      By March 1 of each odd‑numbered year, a report on the overall incidence of the income tax, sales and excise taxes, and property tax. In addition, the Secretary shall prepare for a finance committee, within 15 days of a request of a chair of the committee, an impact analysis report of a bill to change the tax system that would increase, decrease, or redistribute tax by more than twenty million dollars ($20,000,000). In a report required by this subdivision, the report shall present information on the distribution of the tax burden for the overall income distribution, using a systemwide incidence measure that appropriately measures equality and inequality, and by income classes broken down by quintiles. A report required by this subdivision shall use the broadest measure of economic income for which reliable data is available.

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SECTION 2.  This act becomes effective January 1, 2011.