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
House committee substitute makes the following changes to the 1st edition.
Deletes all provisions of the 1st edition which imposed a privilege tax at the rate of 1 percent with an $80 cap on (1) a company engaged in fabrication of metal work or (2) a company that is primarily a secondary metals recycler. Instead, directs the Revenue Laws Study Committee (Committee) to study the scope and application of the privilege tax at the rate of 1 percent with an $80 cap for purchases of mill machinery and other equipment. Delineates a list of topics, issues, and factors to be examined in the course of the study. Provides that the Committee may report its findings, including any legislative recommendations, to the 2015 General Assembly.
Makes this act effective when it becomes law (was, effective July 10, 2010, and applies to purchases made on or after that date).
Amends the short title and the act's long title to more accurately reflect the title of this act.