Bill Summary for S 605 (2015-2016)

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Summary date: 

Jul 22 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 605 (Public) Filed Thursday, March 26, 2015
Intro. by Rucho, Rabon, Tillman.

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Bill summary

Senate amendments make the following changes to the 2nd edition.

Amendment #1 makes the following changes. Amends GS 105-129.26(a) to provide that a recycling facility meeting all of the specified conditions is eligible for the tax benefits in GS Chapter 105, Article 5F, concerning certain machinery and equipment and Article 5 concerning sales and use tax.

Amends the definitions for use in GS 105-130.4(s) by adding and defining the term air carrier. Amends the definition of the term air transportation corporation to specify that it includes an air carrier that carries any combination of passengers or property of any kind (was, carries passengers or freight of any kind, or both). Amends the term revenue ton mile to mean one ton of passengers, freight, mail, or other cargo carried one mile by the air transportation corporation or water transportation corporation by aircraft, motor vehicle, or vessel.

Deletes the provision that amended the term state agency in GS 105-164.3 to also exclude from that term an occupational licensing board as defined in GS 93B-1, and any state governmental entity listed in GS 105-164.14(c) (allowing specified governmental entities an annual refund of sales and use taxes paid by it on direct purchases of tangible personal property and services) or GS 105-521.2 (concerning compliance information requests created in Section 5.3 of this act). 

Adds a section amending GS 105-164.29A (concerning state agency exemptions from the retail sales and use tax) to provide that the statute does not apply to the three specified categories of state agencies. Amends GS 105-164.14(e), which allows the state quarterly refunds of local sales and use taxes paid indirectly by the state agency on building materials, supplies, fixtures, and equipment that become a part of or annexed to a building or structure that is owned or leased by the state agency and is being erected, altered, or repaired for use by the state agency, to specify that the provision does not apply to an agency that is ineligible for a sales and use tax exemption under GS 105-164.29A(a). These changes are effective July 1, 2016.

Amends GS 105-164.13 to exempt the sale of an engine provided with an operator (was, the lease or rental of a transmission, engine, or rear-end gears) to a professional motorsports racing team or a related member of a team for use in competition in a sanctioned race series from sales and use tax. Amends GS 105-164.4I to provide that the sales and use tax on service contracts does not apply to a transmission, an engine, rear-end gears, and any other item purchased (was, to an item purchased) by a related member of a professional motorsports racing team for which the team may receive a sales tax refund.

Amends GS 105-164.13 to exclude from the exemption from the sales and use tax fuel or piped natural gas that is used solely for comfort heating at a manufacturing facility where there is no use of fuel or piped natural gas in a manufacturing process (was, fuel or piped natural gas not used directly in a manufacturing process).

Amendment #2 adds a section amending the requirements in GS 45-91 that are to be met by servicers for every home loan, to provide that the statement mailing requirement and borrower notification requirements of the statute are deemed satisfied by compliance with the disclosure requirements contained in Regulation Z, 12 CFR Part 1026.41.