A BILL TO BE ENTITLED AN ACT TO ALLOW A COUNTY FROM THE EASTERN REGION TO RECEIVE A DISBURSEMENT OF ITS SHARE OF THE MOTOR VEHICLE REGISTRATION TAX PROCEEDS AS WELL AS PAYMENTS MADE BY THE COUNTY IN LIEU OF TAXES.
House committee substitute makes the following changes to the 1st edition.
Changes the short and long title.
Deletes the provisions of the 1st edition in its entirety and makes the following proposed changes.
Enacts a new subsection GS 158-42(g), regarding disbursement of tax proceeds, providing that the North Carolina's Eastern Region (Region) will disburse to a participating county, after receipt of a resolution adopted by the county's board of commissioners, its net share of tax proceeds which have been placed in trust. A county's net share is the total amount in the trust attributable to that county, less the total amount of outstanding loans from the Region and less any amount attributable to an appropriation made to the Region by the General Assembly. A resulting negative amount results in the county not being entitled to a disbursement. Disbursed funds can only be used for economic development purposes, as described in this subsection.
Repeals GS 158-41(a) concerning withdrawal from the Region.
Effective July 1, 2013.
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