Bill Summaries: H389 (2013-2014 Session)

  • Summary date: Mar 20 2013 - View summary

    Identical to S 307, filed 3/13/13.

    Amends GS 105-521 (Transitional local government hold harmless for repealed reimbursements) by creating a new subsection GS 105-521(b1), which provides that on or before August 15, 2013, and every August 15 until August 15, 2016, the Secretary of Revenue (Secretary)  must multiply each local government's local sales tax share by the estimated replacement revenue expected to be received during the fiscal year. If the resulting amount is less than 100% of the local government's repealed reimbursement amount, the Secretary will pay the percentage amount of the difference, according to the included table, but not less than $100.

    Provides that the Secretary must report to the Revenue Laws Study Committee, by every January 31 until January 31, 2017, the amount distributed for this section for the current fiscal year.