Bill Summaries: H 1144 STUDY 1%/$80 RATE FOR MILL MACHINERY (NEW).

Printer-friendly: Click to view
  • Summary date: Jul 2 2014 - View Summary

    House committee substitute makes the following changes to the 1st edition.

    Deletes all provisions of the 1st edition which imposed a privilege tax at the rate of 1 percent with an $80 cap on (1) a company engaged in fabrication of metal work or (2) a company that is primarily a secondary metals recycler. Instead, directs the Revenue Laws Study Committee (Committee) to study the scope and application of the privilege tax at the rate of 1 percent with an $80 cap for purchases of mill machinery and other equipment. Delineates a list of topics, issues, and factors to be examined in the course of the study. Provides that the Committee may report its findings, including any legislative recommendations, to the 2015 General Assembly.

    Makes this act effective when it becomes law (was, effective July 10, 2010, and applies to purchases made on or after that date).

    Amends the short title and the act's long title to more accurately reflect the title of this act.

  • Summary date: May 20 2014 - View Summary

    Enacts new GS 105-187.51B(a)(6) and (7), establishing new privilege taxes for specified metal fabrication companies and secondary metals recyclers when those companies purchase equipment, attachments, or repair parts for equipement that is (i) capitalized by the company for tax purposes, (ii) used by the company at the establishment in the fabrication of metal work or used in secondary metals recycling activites, and (iii) would be considered mill machinery or parts or accessores under GS 105-187.51 if purchased by a manufacturing industry or plant and used to manufacture tangible personal property. Provides that the tax is 1 percent of the sales price of the equipment or other tangible personal property, with the maximum amount of tax that can be assessed being $80 per article.

    Effective July 1, 2010, applying to purchases made on or after that date.