Amends GS 105-164.14(b), which concerns sales tax refunds allowed to nonprofits, by limiting the amount of refund allowed to a claimant under the subsection for a 12-month period to 100% of the first $1 million requested and 25% of the amount requested that exceeds $1 million. Effective July 1, 2011, and applies to sales and use tax paid on or after that date. Reenacts GS 105-164.14(c)(2b) and (2c), regarding annual refund of sales and use taxes paid by schools, previously repealed by SL 2005-276. Repeals GS 105-164.44H (regarding the transfer of collections from the state sales and use tax to the State Public School Fund). Amends GS 105-467(b) to specify that a taxing county may not allow an exemption, exclusion, or refund that is not allowed under the state sales and use tax and deletes various exemptions. Effective July 1, 2011, and applies to purchases made on or after that date.