AN ACT TO ADJUST THE DISTRIBUTION OF THE HIGHWAY USE TAXES COLLECTED ON THE SHORT-TERM LEASE OR RENTAL OF A MOTOR VEHICLE AND TO APPROPRIATE FUNDS ON AN ANNUAL BASIS FROM THE HIGHWAY FUND TO THE NORTH CAROLINA STATE PORTS AUTHORITY AND THE DIVISION OF AVIATION OF THE DEPARTMENT OF TRANSPORTATION.
Amends GS 105-187.5(b) to provide that the tax rate on the gross receipts from the short-term lease or rental of a motor vehicle is 9% (was, 8%).
Amends GS 105-187.9(a) to provide that all taxes collected pursuant to GS 105-187.5(b) are to be credited to the NC Highway Trust Fund (previously, subsection provided that taxes collected under the Article at the rate of 8% were credited to the General Fund and those collected at 3% credit to the NC Highway Trust Fund).
Amends GS 20-85(b) to provide that the fees collected pursuant to GS 20-85(a)(1) through (a)(10) are to be credited to the Highway Fund (was, (a)(1) through (a)(9)) were credited to the Highway Trust Fund).
Appropriates $8 million for 2015-16 from the Highway Fund to the reserve fund for use by the NC State Ports Authority for prioritized capital improvements and to the Division of Aviation of the Department of Transportation for airport development.
Effective July 1, 2015, applying to taxes and fees collected on or after that date.
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