Subject to approval by voters at the statewide election to be held in November 2018, adds a new subsection to Section 2 of Article V of the North Carolina Constitution capping the state sales and use tax rate at 6%. Specifies the cap applies only to net taxable sales or gross receipts and does not include other state or local taxes. Sets out the ballot question. Requires the Bipartisan State Board of Elections and Ethics Enforcement to certify the amendment to the Secretary of State if the vote is favorable. The amendment is effective upon certification and applies to sales occurring on or after that date.

Repeals SL 2018-119, which, subject to voter approval at the statewide election to be held in November 2018, amends Section 2 of Article V of the North Carolina Constitution by capping the income tax rate at 7% (currently, capped at 10%).