Current law requires the Secretary of Revenue (Secretary) to allocate the net proceeds of the additional 1/2% sales and use tax, imposed under Article 40 of GS Chapter 105, to the taxing counties on a per capita basis according to the most recent annual population estimates certified to the Secretary by the State Budget Officer. Further, current law requires the Secretary to adjust the amount allocated to each county by multiplying the amount by the appropriate adjustment factor set out in the table provided in GS 105-486(b), which lists adjustment factors by county or counties.
This act establishes that the adjustment factor the Secretary is to use in allocating the net proceeds from the additional 1/2% sales and use tax to counties is to be based on the development tier designation of the county under GS 143B-437.08 (establishes provisions for determining an area's development tier designation to be assigned and ranked annually by the Secretary of Commerce). Also, establishes that the development tier designation of a county is effective for the fiscal year following the designation. The adjustment factor for tier one is 1.10, for tier two is 1.00, and for tier three is 0.90. Makes conforming changes to the table provided in GS 105-486(b).
Effective July 1, 2017, and applies to local option sales taxes collected on or after that date and distribution to counties and cities on or after September 1, 2017.
CHANGE THE LOST ADJUSTMENT FACTOR.
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View NCGA Bill Details | 2017-2018 Session |
AN ACT TO CHANGE THE LOCAL OPTION SALES TAX (LOST) ADJUSTMENT FACTOR TO ONE THAT VARIES BY ECONOMIC DEVELOPMENT TIERS.Intro. by Brown.
Status: Re-ref Com On Rules, Calendar, and Operations of the House (House Action) (Jun 29 2018)
Bill History:
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Wed, 22 Feb 2017 Senate: Filed
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Thu, 23 Feb 2017 Senate: Passed 1st Reading
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Thu, 23 Feb 2017 Senate: Ref To Com On Rules and Operations of the Senate
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Thu, 23 Feb 2017 Senate: Withdrawn From Com
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Wed, 26 Apr 2017 Senate: Reptd Fav
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Wed, 26 Apr 2017 Senate: Re-ref Com On Rules and Operations of the Senate
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Wed, 26 Apr 2017 Senate: Reptd Fav
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Wed, 26 Apr 2017 Senate: Placed on Today's Supplemental Calendar
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Wed, 26 Apr 2017 Senate: Passed 2nd Reading
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Wed, 26 Apr 2017 Senate: Passed 3rd Reading
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Thu, 27 Apr 2017 Senate: Regular Message Sent To House
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Thu, 27 Apr 2017 House: Regular Message Received From Senate
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Thu, 27 Apr 2017 House: Passed 1st Reading
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Thu, 27 Apr 2017 House: Ref To Com On Rules, Calendar, and Operations of the House
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Tue, 13 Jun 2017 House: Withdrawn From Com
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Tue, 13 Jun 2017 House: Re-ref Com On Finance
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Fri, 29 Jun 2018 House: Withdrawn From Com
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Fri, 29 Jun 2018 House: Re-ref Com On Rules, Calendar, and Operations of the House
S 126
Bill Summaries:
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Bill S 126 (2017-2018)Summary date: Feb 22 2017 - View Summary
View: All Summaries for Bill
Identical to H 522, filed 3/29/17.