Bill Text: NC S306 | 2015-2016 | Regular Session | Amended
Bill Title: Expand 1%/$80 Rate for Mill Machinery
Spectrum: Partisan Bill (Republican 2-0)
Status: (Introduced - Dead) 2015-03-24 - Re-ref Com On Finance [S306 Detail]
Download: North_Carolina-2015-S306-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2015
S 1
SENATE BILL 306
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Short Title: Expand 1%/$80 Rate for Mill Machinery. |
(Public) |
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Sponsors: |
Senators Tucker (Primary Sponsor); and J. Davis. |
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Referred to: |
Rules and Operations of the Senate. |
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March 18, 2015
A BILL TO BE ENTITLED
AN ACT to clarify the scope of tax imposed on mill machinery.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑187.51B reads as rewritten:
"§ 105‑187.51B. Tax imposed on certain recyclers, research and development companies, industrial machinery refurbishing companies, and companies located at ports facilities.
(a) Tax. – A privilege tax is imposed on the following:
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(6) A company that is primarily a secondary metals recycler, as defined in G.S. 66‑420, that purchases equipment or an attachment or repair part for equipment that meets all of the following requirements:
a. Is capitalized by the company for tax purposes under the Code.
b. Is used by the company at the establishment in the secondary metals recycling activities in which it is primarily engaged.
c. Would be considered mill machinery or mill machinery parts or accessories under G.S. 105‑187.51 if it were purchased by a manufacturing industry or plant and used by the industry or plant to manufacture tangible personal property.
(b) Rate. – The tax is one percent (1%) of the sales price of the equipment or other tangible personal property. The maximum tax is eighty dollars ($80.00) per article."
SECTION 2. This act becomes effective July 1, 2010, and applies to purchases made on or after that date.
