AN ACT TO SET THE REGULATORY FEES, TO CONTINUE THE INDIVIDUAL INCOME TAX DEDUCTION FOR EDUCATOR EXPENSES, AND TO ENHANCE ECONOMIC DEVELOPMENT. Summarized in Daily Bulletin 5/21/12, 6/5/12, 6/7/12, 6/11/12, and 6/20/12. Enacted June 26, 2012. Effective June 26, 2012, except as otherwise provided.
Bill Summaries: H1015 ECONOMIC DEVPT. & FINANCE CHANGES (NEW).
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Summary date: Jun 27 2012 - View Summary
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Bill H 1015 (2011-2012)Summary date: Jun 20 2012 - View Summary
Conference report recommends the following changes to 4th edition to reconcile matters in controversy.
Adds a section, amending GS 105-134.6, to allow an eligible educator an individual income tax deduction of up to $250 for books and other specified educational items. Effective for tax years beginning on or after January 1, 2012. Makes a conforming change to the bill title.
Adds a section to allow interstate passenger air carriers, as described, a refund on sales tax paid on fuel in excess of $1.25 million from January 1, 2011, through June 30, 2011, provided the request is made before October 1, 2012; makes this provision effective on January 1, 2011, and applicable to purchases made on or after that date. Clarifies the refund applicable to certain interstate passenger air carriers for 2010.
Deletes amendment to GS 143B-437.52, which removed the cap on the number of grants awarded under the Job Development Investment Grant Program.
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Bill H 1015 (2011-2012)Summary date: Jun 11 2012 - View Summary
Senate amendment makes the following changes to 3rd edition. Deletes the amendment to GS 105-129.84(c), which allowed carryforwards by a taxpayer of any unused portion of a credit for a period of 20 years provided the Secretary of Commerce made a written determination that the taxpayer is expected to purchase or lease, and place in service in connection with an eligible business within a two-year period, at least the minimum investment amount of business and real property (was, at least $150,000). Defined a minimum investment amount to be $100 million for an eligible business in a development tier one area, and $150 million for any other eligible business.
Now provides that notwithstanding GS 10-129.84(c), if the Secretary of Commerce determines in writing that the taxpayer is expected to purchase or lease and place in service at least $100 million worth of business and property in a tier one area, in connection with an eligible business within a two-year period, any unused portion of a credit under Article 3J (tax credits for growing businesses) of GS Chapter 105 may be carried forward for the succeeding 20 years. Provides that if the taxpayer does not make the required investment, the five year carryforward applies. Effective beginning on or after January 1, 2012, and expires January 1, 2013.
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Bill H 1015 (2011-2012)Summary date: Jun 7 2012 - View Summary
Senate amendment makes the following changes to 2nd edition. Adds provisions for a refund of (1) all local sales and use tax and (2) a portion of state sales and use tax to a company located at a ports facility for waterborne commerce that buys specialized equipment for use at the facility to unload or process bulk cargo to make it suitable for delivery to and use by manufacturing facilities. Applies to purchases made on or after July 1, 2012, but before July 1, 2013. Provides that the request for a refund is due before January 1, 2014, and bars refunds applied for after the due date. Requires that the refund request be made in writing on or after July 1, 2013, and must include any information and documentation required by the Secretary of Revenue. Provides criteria for determining the portion of state sales and use taxes that may be refunded. Also provides that tax refunds allowed under this section are not an overpayment of tax and do not accrue interest as provided in GS 105-241.21.
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Bill H 1015 (2011-2012)Summary date: Jun 5 2012 - View Summary
Senate committee substitute makes the following changes to 1st edition. Amends GS 143B-437.52 to remove the cap on the number of grants awarded under the Job Development Investment Grant Program in each calendar year (was, set the cap at a maximum of 25 grants annually). Effective July 1, 2012.
Under current law, the Industrial Development Fund provides funds to assist local governments in the most economically distressed counties in creating and maintaining jobs in certain industries, including sewer infrastructure. Amends GS 143B-437.01(a) to modify the eligibility requirements for funding for the sewer infrastructure, requiring that it be located on the building site, or be directly related to the operation of the specific eligible industrial activity, even if the sewer infrastructure is located in a different county than the county in which the building is located.
Amends GS 105-129.84(c) to permit carryforwards by a taxpayer of any unused portion of a credit for a period of 20 years providing the Secretary of Commerce makes a written determination that the taxpayer is expected to purchase or lease, and place in service in connection with an eligible business within a two-year period, at least the minimum investment amount of business and real property (was, at least $150,000). Defines a minimum investment amount to be $100 million for an eligible business in a development tier one area, and $150 million for any other eligible business. Effective for taxable years beginning on or after January 1, 2012.
Amends GS 143B-437.013(a) to modify one of the required conditions for definition as a Port Enhancement Zone to mean an area that is comprised of part or all of one or more contiguous census tracts, census block groups, or both. Effective for taxable years beginning on or after January 1, 2013.
Makes conforming changes to the title.
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Bill H 1015 (2011-2012)Summary date: May 21 2012 - View Summary
Sets the rate for calculating the public utility fee under GS 62-302(b)(2) at 0.12% and sets the electric membership corporation regulatory fee imposed under GS 62-302(b1) for the 2012-13 fiscal year at $200,000 effective July 1, 2012.
Sets the rate used in calculating the insurance regulatory charge under GS 58-6-25 at 6% for the 2012 calendar year. Effective when the act becomes law.