Bill Summary for H 1144 (2013-2014)
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| View NCGA Bill Details | 2013-2014 Session |
A BILL TO BE ENTITLED AN ACT TO DIRECT THE REVENUE LAWS STUDY COMMITTEE TO STUDY THE SCOPE AND APPLICATION OF THE ONE PERCENT/EIGHTY-DOLLAR PRIVILEGE TAX APPLICABLE TO MILL MACHINERY AND CERTAIN OTHER MACHINERY AND EQUIPMENT. A BILL TO BE ENTITLED AN ACT TO CLARIFY THE SCOPE OF TAX IMPOSED ON MILL MACHINERY.Intro. by Malone, Lewis, Starnes, Collins.
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Bill summary
Enacts new GS 105-187.51B(a)(6) and (7), establishing new privilege taxes for specified metal fabrication companies and secondary metals recyclers when those companies purchase equipment, attachments, or repair parts for equipement that is (i) capitalized by the company for tax purposes, (ii) used by the company at the establishment in the fabrication of metal work or used in secondary metals recycling activites, and (iii) would be considered mill machinery or parts or accessores under GS 105-187.51 if purchased by a manufacturing industry or plant and used to manufacture tangible personal property. Provides that the tax is 1 percent of the sales price of the equipment or other tangible personal property, with the maximum amount of tax that can be assessed being $80 per article.
Effective July 1, 2010, applying to purchases made on or after that date.