Amends GS 105-164.4(a) to increase the percentage rate of the privilege tax imposed on a retailer to 5.45% (was, 4.75%). Provides that this section does not apply to certain construction materials purchased before the effective date of the increase. Applies to sales made on or after the effective date. Amends GS 105-164.44F(a) and 105-164.44I to reduce the amount of collected tax revenues from telecommunications service and video programming service that the Secretary of Revenue must distribute to counties and cities. Applies to distributions for months beginning on or after the effective date. Effective June 1, 2012. Provisions as amended expire July 1, 2015.
Provides that the additional revenue from the temporary increase in sales tax is to be appropriated for specified purposes as the title indicates. Indicates a priority order for the use of the additional revenues from first priority to fourth priority. Encourages reemploying former employees who were reduced in force due to budget reductions in SL 2011-145. Directs the Governor to take all necessary steps to carry out the purposes of this act. Also directs the Chief Justice of the NC Supreme Court and the Legislative Services Officer to take all necessary steps to execute the restorations required by this act in their respective branches.
Establishes the Jobs, Health, and Education Restoration Fund (Fund) in the Office of State Budget and Management (OSBM) in order to restore budget reductions under this act. Directs that all the revenue from the temporary additional sales tax enacted in this act are to be credited to the Fund. Prohibits transferring or expending monies from the Fund for any purpose other than restoring budget reductions as provided in this act. Requires the OSBM to make quarterly reports, beginning July 1, 2012, to the Joint Legislative Commission on Governmental Operations and to the Fiscal Research Division on disbursements from the Fund and the progress made in accomplishing the purposes of this act. Effective June 1, 2012.