Bill Summary for H 372 (2021-2022)

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Bill: RESTORE FUNDING/STATE CONSERVATION PURPOSES.

Summary date: 

Mar 23 2021

Bill Information:

View NCGA Bill Details2021
House Bill 372 (Public) Filed Tuesday, March 23, 2021
AN ACT TO RESTORE THE USE OF PROCEEDS FROM THE DEED STAMP EXCISE TAX TO THE ORIGINAL PURPOSE OF LAND CONSERVATION.
Intro. by McElraft, Howard, Saine, Davis.

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Bill summary

Changes the provisions governing funds remitted to the Department of Revenue by registers of deeds collected from taxing real property conveyance instruments under GS 105-228.30. Rather than crediting the required portion of proceeds remitted to DOR to the General Fund, requires DOR to credit remitted funds at the rate of 30% to the Parks and Recreation Trust Fund, 30% to the Land and Water Fund, 30% to the Coastal Storm Damage Mitigation Fund, and 10% to the NC Agricultural Development and Farmland Preservation Trust Fund. Makes conforming changes to the statutes governing those identified Funds: GS 143B-135.56; GS 143B-135.234; and GS 106-744 (does not amend GS 143-215.75M regarding the Coastal Storm Damage Mitigation Fund). Effective July 1, 2021.