Bill Summary for S 798 (2015-2016)
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Summary date:
May 2 2016
Bill Information:
| View NCGA Bill Details | 2015-2016 Session |
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.Intro. by Rabon, Meredith.
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Bill summary
Amends GS 105-187.9(a), providing that highway use taxes collected under Article 5A of GS Chapter 105 at the rate of 8% are to be credited to the Highway Fund (currently, credited to the General Fund).
Enacts new GS 105-187.9(b), providing for certain appropriations beginning in the 2016-17 fiscal year out of the taxes collected at the rate of 8% and credited to the Highway Fund, namely (1) $35 million appropriated annually to a reserve fund used by the NC State Ports Authority for capital improvements, and (2) $21 million appropriated annually to the Division of Aviation for specified capital improvement projects.
Effective July 1, 2016, and applies to taxes collected on or after that date.