Bill Summary for H 574 (2011-2012)

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Bill: DISTRIBUTION MOD TO EXCISE TAX ON CONVEYANCES.

Summary date: 

Mar 30 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 574 (Public) Filed Wednesday, March 30, 2011
TO MODIFY THE DISTRIBUTION OF PROCEEDS OF THE EXCISE TAX LEVIED ON INSTRUMENTALITIES BY WHICH INTERESTS IN REAL PROPERTY ARE CONVEYED TO ANOTHER.
Intro. by Hall, Killian.

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Bill summary

Amends GS 105-228.30(b) directing the Department of Revenue to credit, from funds remitted to the Department from excise taxes on conveyances, 50% to the NC Housing Trust Fund, 37% (rather than 75%) to the Parks and Recreation Trust Fund, and 13% (rather than 25%) to the Natural Heritage Trust Fund. Applies to instruments recorded on or after July 1, 2011.