Bill Text: NC S307 | 2013-2014 | Regular Session | Amended
Bill Title: Restore Hold Harmless Sales Tax Funds
Spectrum: Partisan Bill (Republican 5-0)
Status: (Introduced - Dead) 2013-03-14 - Ref To Com On Rules and Operations of the Senate [S307 Detail]
Download: North_Carolina-2013-S307-Amended.html
GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2013
S 1
SENATE BILL 307
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Short Title: Restore Hold Harmless Sales Tax Funds. |
(Public) |
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Sponsors: |
Senators Hise, Daniel, Barefoot (Primary Sponsors); Curtis and Randleman. |
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Referred to: |
Rules and Operations of the Senate. |
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March 14, 2013
A BILL TO BE ENTITLED
AN ACT to restore the local government hold harmless for repealed reimbursements.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105‑521 reads as rewritten:
"§ 105‑521. Transitional local government hold harmless for repealed reimbursements.
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(b1) Limited Distributions. – On or before August 15, 2013, and every August 15 through August 15, 2016, the Secretary must multiply each local government's local sales tax share by the estimated amount of replacement revenue that all local governments are expected to receive during the current fiscal year. If the resulting amount is less than one hundred percent (100%) of the local government's repealed reimbursement amount, the Secretary must pay the local government the percentage amount of the difference set out in the table below, but not less than one hundred dollars ($100.00):
Year Percentage Amount of the Difference
2013 100%
2014 75%
2015 50%
2016 25%
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(d) Reports. – The Secretary must report to the
Revenue Laws Study Committee by January 31, 2004, and each January 31 through
January 31, 2013,2017, the amount distributed under this section
for the current fiscal year."
SECTION 2. This act is effective when it becomes law.
