Bill Summaries: S881 RESTORE THE AMERICAN DREAM.

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  • Summary date: May 3 2024 - View Summary

    Contains whereas clauses. Appropriates from the General Fund to the North Carolina Housing Trust Fund (Fund), established under GS 122E-3, $30 million in nonrecurring funds for the 2024-2025 fiscal year to be used in accordance with the purposes provided in GS Chapter 122E. Amends GS 161-11.5(2) (concerning the crediting of fees remitted to the State Treasurer to the General Fund) to reduce the percentage of those fees from 20% of the monthly fees collected by the register of deeds remitted to the State Treasurer to 18.5%. Reallocates that 1.5% to the Fund. Amends GS 105-228.30 (distribution of proceeds of excises taxes pertaining to real property), to require the Department of Revenue (Department) to credit 33% of the funds remitted to the Department under GS 105-228.30(b) to the Trust, with the remaining credited to the General Fund. Effective July 4, 2024.