Bill Summary for H 497 (2019-2020)
|View NCGA Bill Details||2019-2020 Session|
AN ACT TO AUTHORIZE THE LEVY OF A MUNICIPAL ONE-QUARTER PERCENT SALES AND USE TAX.Intro. by Adams.
|View: All Summaries for Bill||Tracking:|
Applicable only to the City of Hickory, enacts Article 47 to GS Chapter 105. Subject to voter approval, authorizes the City to levy a one-quarter cent 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. Authorizes the City to use the net proceeds of the tax levied under Article 47 for public safety, economic development, and public facilities.