House committee substitute to the 1st edition makes the following changes. Amends amend GS 143-215.75M regarding the Coastal Storm Damage Mitigation Fund (Fund), by providing that the Fund also consists of money credited to it under amended GS 105-228.30 (which would credit 30% of the funds collected from taxing real property conveyance instruments to the Fund).
Bill H 372 (2021-2022)Summary date: Apr 20 2021 - View summary
Bill H 372 (2021-2022)Summary date: Mar 23 2021 - View summary
Changes the provisions governing funds remitted to the Department of Revenue by registers of deeds collected from taxing real property conveyance instruments under GS 105-228.30. Rather than crediting the required portion of proceeds remitted to DOR to the General Fund, requires DOR to credit remitted funds at the rate of 30% to the Parks and Recreation Trust Fund, 30% to the Land and Water Fund, 30% to the Coastal Storm Damage Mitigation Fund, and 10% to the NC Agricultural Development and Farmland Preservation Trust Fund. Makes conforming changes to the statutes governing those identified Funds: GS 143B-135.56; GS 143B-135.234; and GS 106-744 (does not amend GS 143-215.75M regarding the Coastal Storm Damage Mitigation Fund). Effective July 1, 2021.