Establishes the 30-member Tax Modernization Study Commission (Commission), consisting of Governor appointees, members of the House of Representatives, and members of the Senate. Establishes the Commission’s five duties, including examining current income tax rates to determine whether the rate is negatively impacting our competitive position, determining whether the tax bases should be broadened to allow for a revenue-neutral modernization, and evaluating the state’s current system of economic incentives to ensure a good return on investment and recruitment of high value jobs. Provides for compensation of Commission members and Commission administration. Requires the Commission’s recommendations to be revenue neutral, taken collectively, when compared to the revenue projections for the taxes used in the budget bill for the 2011-12 fiscal year. Provides five specified legislative procedures that must be followed if recommendations are adopted by the Commission by a vote of at least two-thirds of the members. Requires the Commission to report to the 2012 Regular Session of the General Assembly by May 1, 2012, at which time the Commission will terminate.
ESTABLISH TAX MODERNIZATION COMMISSION.
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View NCGA Bill Details | 2011-2012 Session |
TO ESTABLISH THE TAX MODERNIZATION COMMISSION AND TO ENSURE THAT RECOMMENDATIONS ADOPTED BY THE COMMISSION ARE INTRODUCED AND PLACED ON THE CALENDAR TO BE HEARD IN AN EXPEDITIOUS AND TIMELY MANNER.Intro. by Rhyne.
Status: Ref To Com On Finance (House Action) (Mar 9 2011)
Bill History:
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Tue, 8 Mar 2011 House: Filed
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Wed, 9 Mar 2011 House: Passed 1st Reading
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Wed, 9 Mar 2011 House: Ref To Com On Finance
H 248
Bill Summaries:
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Bill H 248 (2011-2012)Summary date: Mar 8 2011 - View Summary
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