Bill Summary for H 959 (2013-2014)

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Summary date: 

Jun 27 2013

Bill Information:

View NCGA Bill Details2013-2014 Session
House Bill 959 (Public) Filed Wednesday, April 17, 2013
A BILL TO BE ENTITLED AN ACT TO EXTEND BY TWO YEARS THE PERIOD FOR WHICH A LARGE MANUFACTURING AND DISTRIBUTION FACILITY IS ELIGIBLE FOR THE ONE PERCENT/EIGHTY-DOLLAR PRIVILEGE TAX ON PURCHASES OF CERTAIN MACHINERY AND EQUIPMENT AND 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.
Intro. by Malone, Lewis, Starnes, Collins.

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Bill summary

House committee substitute makes the following changes to the 1st edition.

Amends the short and long titles.

Deletes all of the provisions of the previous edition.

Amends subsection (a) of GS 105-187.51D, rewriting the definition of large manufacturing and distribution facility as facilities, as further defined, which have or will have an investment of at least $80 million in real and tangible personal property for the facility within seven years (previously, five years) after the date on which the first property investment is made, and that the facility will achieve an employment level of at least 550 within five years of service. Changes the sunset date/expiration date of the statute to July 1, 2020 (was, July 1, 2018).

Directs the Revenue Laws Study Committee to study the scope and application of a privilege tax of 1%, with a cap of $80, applied to mill machinery and other machinery and equipment purchased by certain industries and companies. Sets out what can be included in the study. Directs the committee to report its findings and recommended legislation to the 2014 Regular Session of the 2013 General Assembly.