Bill Summary for H 81 (2015-2016)

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Bill: EXPAND 1%/$80 RATE FOR MILL MACHINERY.

Summary date: 

Feb 11 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
House Bill 81 (Public) Filed Wednesday, February 11, 2015
AN ACT TO EXPAND THE SCOPE OF THE 1%/$80 RATE ON MILL MACHINERY TO INCLUDE MACHINERY AND EQUIPMENT USED BY COMPANIES ENGAGED IN METAL FABRICATION.
Intro. by Malone, Lewis, Collins, S. Martin.

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Bill summary

Amends GS 105-187.51B(a) adding subdivision (6) imposing a privilege tax at a rate of 1 percent of the sales price of the equipment or personal property, up to $80 per item, on a company engaged in specified categories of fabrication of metal work that purchases equipment or an attachment or repair part that is (1) capitalized by the company for tax purposes and (2) used by the company in the fabrication of metal products or used to create equipment for the fabrication of metal products.

Effective July 1, 2015.