Bill Summary for S 462 (2011-2012)

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Bill: DISTRIBUTN OF EXCISE TAX ON TITLE INSTRUMENTS.

Summary date: 

Mar 30 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 462 (Public) Filed Wednesday, March 30, 2011
TO BOLSTER AFFORDABLE HOUSING THROUGH EQUITABLE DISTRIBUTION OF THE EXCISE TAX.
Intro. by Mansfield, Gunn, Clary.

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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.