Amends GS 105-472(b) updating the period of time for which the method of distribution chosen by a board of county commissioners for the first one cent sales and use tax will take effect. Instead of the next succeeding fiscal year, the distribution will be in effect in the county during the fiscal year succeeding the next succeeding fiscal year. The previous method of distribution must continue in effect until a resolution changing the method of distribution is properly adopted and delivered if the board fails to adopt a resolution or if it is not timely delivered to the secretary of revenue. The method of distribution will take effect on the first day (instead of July) of each fiscal year.
The fiscal year is from October 1 to September 30.
Status: Ref to the Com on Government, if favorable, Finance (House Action) (Apr 18 2013)
Bill H 952 (2013-2014)Summary date: Apr 17 2013 - More information