Bill Summary for H 27 (2013-2014)

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Bill: ESCHEAT SAVINGS BOND TRUST FUND/SCHOLARSHIPS.

Summary date: 

Jan 30 2013
S.L. 2014-93

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 27 (Public) Filed Wednesday, January 30, 2013
AN ACT TO PROVIDE THAT UNCLAIMED UNITED STATES SAVINGS BONDS SHALL ESCHEAT TO THE STATE, TO DIRECT THE TREASURER TO REDEEM THOSE UNITED STATES SAVINGS BONDS ESCHEATED TO THE STATE, TO CREATE AN ESCHEAT SAVINGS BOND TRUST FUND WITHIN THE ESCHEAT FUND FOR DEPOSIT OF THE PROCEEDS OF THOSE REDEMPTIONS, AND TO PROVIDE THAT INTEREST AND INVESTMENT EARNINGS FROM THE ESCHEAT SAVINGS BOND TRUST FUND SHALL BE USED TO FUND SCHOLARSHIPS TO WORTHY AND NEEDY STUDENTS WHO ARE RESIDENTS OF NORTH CAROLINA AND ARE ENROLLED IN PUBLIC INSTITUTIONS OF HIGHER EDUCATION IN NORTH CAROLINA.
Intro. by Howard, Hager, Torbett.

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Bill summary

Amends GS 105-228.5(d)(3) (concerning taxes measured by gross premiums) to revise the allocation of the net proceeds of the additional tax on gross premiums on insurance contracts for property coverage as follows. Credits 27% to the Workers' Compensation Fund and 18% to the NC Firemen's and Rescue Squad Workers' Pension Fund (currently, this 45% is credited to the General Fund). Effective July 1, 2013.