AN ACT TO AUTHORIZE THE ACQUISITION OR CONSTRUCTION AND THE FINANCING, WITHOUT APPROPRIATIONS FROM THE GENERAL FUND, OF CERTAIN CAPITAL IMPROVEMENT PROJECTS OF THE CONSTITUENT INSTITUTIONS OF THE UNIVERSITY OF NORTH CAROLINA. SL 2020-66. Enacted July 1, 2020. Effective July 1, 2020.
Summary date: Jul 2 2020 - More information
Summary date: Jun 22 2020 - More information
House committee substitute makes the following changes to the 2nd edition.
Eliminates previous Part II of the act, which enacted new GS 105-244.4B authorizing the Secretary of Revenue to forgive 100% of a sales and use tax assessment and penalties as the result of Department of Revenue audits of certain Continuing Care Retirement Communities (CCRCs).
Makes conforming changes to the act's titles and organization.
Summary date: Jun 18 2020 - More information
House committee substitute makes the following changes to the 1st edition.
Enacts GS 105-244.4B to provide forgiveness of certain sales tax assessments of Continuing Care Retirement Communities (CCRC). Allows the Secretary of Revenue to forgive 100% of a sales and use tax assessment against a taxpayer who requests relief for State and local sales and use taxes and waive any penalties imposed as part of the assessment when the assessment is the result of an audit of the taxpayer by the Department of Revenue (Department), so long as all of the 8 factors listed apply. Included in the list is that the taxpayer remitted all the sales and use taxes it collected during the period, had not been directed by the Department in a prior audit to collect sales and use taxes in the circumstance that is the basis of the assessment as reflected in the written audit comments in the prior audit, and the taxpayer has not received other specific written guidance from the Department advising the taxpayer to collect sales and use taxes that are the bases of the assessments for which the taxpayer seeks reduction. Provides procedures that the taxpayer must meet for requesting the reduction. Applies to the following for a tax period ending prior to January 1, 2021: a proposed assessment or portion of a proposed assessment; an assessment that becomes collectible under GS 105-241.22; a pending request for review case; and a pending contested case hearing at the Office of Administrative Hearings. Excludes a refund for sales or use taxes that were originally collected and remitted to the Department.
Changes short title and long title to include Grace for CCRC.
Summary date: May 13 2020 - More information
Provides that the act's purpose is to authorize: (1) the acquisition or construction of specified UNC capital improvement projects for specified constituent institutions and (2) the financing of the projects with described funds available, or other funds, or any combination of the funds, but not including funds received for tuition or appropriated from the General Fund unless previously authorized by statute. Specifies the authorized capital improvement projects and their costs to be the Morehead Chemistry Laboratory HVAC Upgrades at UNC-Chapel Hill ($22 million), Phase 1 of the Campus-Wide Life Safety Upgrades at UNC-Chapel Hill ($6.5 million), and Phase 2 of the Lower Campus Residence Halls at Western Carolina University ($20 million). Allows financing to include revenue bonds and/or special obligation bonds. Authorizes the Director of the Budget to increase or decrease the cost, or change the method, of funding for the projects at the request of the UNC Board of Governors (UNC BOG) and on a determination that it is in the best interest of the State. Permits consultation with the Joint Legislative Commission on Governmental Operations.
Authorizes the UNC BOG to issue at one time or from time to time special obligation bonds, pursuant to GS 116D-26 and subject to the approval of the Director of Budget, for the purpose of paying all or any part of the cost of providing for the authorized projects. Caps the maximum principal amount of the bonds at the specified project cost provided by the act plus 5% to pay issuance expenses, fund reserve funds, pay capitalized interest, and pay any other additional costs, plus any increase in the specific project costs authorized pursuant to the act.
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