Bill Summary for H 112 (2019-2020)

Printer-friendly: Click to view

Summary date: 

Feb 19 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
House Bill 112 (Local) Filed Tuesday, February 19, 2019
AN ACT TO AUTHORIZE THE CITY OF ROANOKE RAPIDS TO LEVY A MUNICIPAL ONE PERCENT SALES AND USE TAX.
Intro. by Wray.

View: All Summaries for BillTracking:

Bill summary

Applicable only to the City of Roanoke Rapids, enacts Article 47 to GS Chapter 105. Subject to voter approval, authorizes the City to levy a one percent sales and use tax in addition to any other State and local sales and use taxes levied. Requires the tax to be levied by resolution and only after 10 days' public notice. Sets parameters for an election on the question, and provides ballot language. Provides for the administration of the tax. Requires the Secretary of Revenue to monthly distribute the net proceeds collected from the tax to the City, and provides for apportionment in situations where proceeds cannot be identified as attributable to a particular taxing municipality. Specifies that amounts collected by electronic funds transfer payments are included in the monthly distribution in which the return that applies to the payment is received.

Requires the City to use the net proceeds of the tax levied under Article 47 for payment of debt service or other obligations or means of supporting capital costs, together with any related reserve requirements, for the Roanoke Rapids Theatre. Allows for the repeal of the tax levied by resolution, and requires repeal when the renegotiated loan payment on the Roanoke Rapids Theatre has been paid. Provides parameters and effect of a repeal.