A BILL TO BE ENTITLED AN ACT TO AMEND THE REVENUE LAWS, AS RECOMMENDED BY THE REVENUE LAWS STUDY COMMITTEE.
House amendments make the following changes to the 2nd edition:
Amends GS 105-134.6A and 105-134.6 to add in the word "corporation" into the definition for the term transferor, providing that a corporation can be described as a transferor if it does not fully distribute income to its beneficiaries.
Amends newly enacted GS 105-164.11A, Refund of tax paid on rescinded sale or cancellation of service, making clarifying changes that the refund due on a rescinded sale is a pro rata refund of the amount of sales tax based on the taxable amount of the sales price refunded for the item or cancelled service contract and not a full refund of all the sales tax imposed. Makes technical and conforming changes.
Amends GS 105-187.5(a), concerning the alternate tax for those who rent or lease motor vehicles, providing clarifying language on how the tax on gross receipts of the lease or rental of the vehicle is to be calculated and what portions of a lease or rental payment is subject to the tax imposed by this section.
Amends GS 105-164.3(45a), definition for streamlined agreement, updating its definition to reference the Streamlined Sales and Use Tax Agreement as amended as of October 30, 2013 (was, May 24, 2012).
Deletes newly enacted GS 20-79.1B, Additional limited registration plates, and instead amends GS 20-79.1A, Limited registration plates, making technical and organizational changes. Also enacts new GS 20-79.1A(a)(2), providing that a person who has applied for a plate for a vehicle that was previously registered with the DMV but has not had a current registration for at least a year due to plate being surrendered or expiration of the registration for over a year can be issued a limited registration plate.
Amends GS 105-114(b)(4), definitions for Article on franchise taxes, providing that the term "income year" is used in accordance with how it is defined in GS 105-130.2(10) (previously, referred to income year as being defined in GS 105-130.2(4b), which was an incorrect reference).
Enacts new Part XVI, titled "Reinstate Hospital Setoff Debt Collection," which amends GS 105A-2(9), the definition for state agency in the Setoff Debt Collection Act, deleting language which provided that any school of medicine, clinical program, facility, or practice affiliated with one of the institutions of UNC that provides medical care to the general public or the UNC Health Care System and other entities affiliated with or under the control of the UNC Health Care System could not be considered a state agency. Changes now allow these entitities to participate and benefit from setoff debt collection. Part XVI becomes effective when it becomes law and applies to tax refunds determined by the Department of Revenue on or after that date.
Makes organizational changes.
Amends GS 105-113.4, definitions for the Tobacco Products Act, providing that the term and definition for tobacco product does include vapor products (previously, vapor products were not included in the definition for a tobacco product).
Makes conforming changes.
Amends GS 148-23.1(d), regarding tobacco products and prison regulations, providing that the term "tobacco products" for use in this Article does include vapor products. Also adds a definition for vapor products to GS 148-23.1(d). Effective July 1, 2014.
Amends GS 14-258.1 to provide that knowingly giving or selling vapor products to an inmate in the custody of the NC Division of Adult Correction or of a local confinement facility is a crime, specifically a Class 1 misdemeanor. Further provides that any inmate of a local confinement facility who has vapor products other than for approved purposes is guilty of a Class 1 misdemeanor. Makes conforming changes. Effective December 1, 2014, and applies to offenses committed on or after that date.
Clarifies that the proposed regulations for vapor products or anything in that section will not be construed to circumvent future US FDA regulation of tobacco products or vapor products.
Amends proposed GS 160A-211.2, Local business tax, providing a city can levy an annual tax on each business located and operating within the city (was, each business operating in the city). Also amends the definition of location in the same section, providing that for the purposes of a business that manages rental property or engages in real estate brokering, the location of rental property or brokered real estate does not constitute a separate business location.
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