Bill Summary for S3 (2018 Extra 2)

Summary date: 

Aug 24 2018

Bill Information:

View NCGA Bill Details2018 Extra Session 2
Senate Bill 3 (Public) Filed Friday, August 24, 2018
AN ACT TO REPEAL THE PROPOSED CONSTITUTIONAL AMENDMENT MODIFYING THE MAXIMUM TAX RATE ON INCOMES AND TO AMEND THE NORTH CAROLINA CONSTITUTION TO PROVIDE THAT THE MAXIMUM STATE SALES AND USE TAX RATE, NOT INCLUDING AUTHORIZED LOCAL SALES AND USE TAXES AND NOT INCLUDING OTHER TAXES IMPOSED BY THE STATE, CANNOT EXCEED SIX PERCENT.
Intro. by Clark.

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Bill summary

Subject to approval by voters at the statewide election to be held in November 2018, adds a new subsection to Section 2 of Article V of the North Carolina Constitution capping the state sales and use tax rate at 6%. Specifies the cap applies only to net taxable sales or gross receipts and does not include other state or local taxes. Sets out the ballot question. Requires the Bipartisan State Board of Elections and Ethics Enforcement to certify the amendment to the Secretary of State if the vote is favorable. The amendment is effective upon certification and applies to sales occurring on or after that date.

Repeals SL 2018-119, which, subject to voter approval at the statewide election to be held in November 2018, amends Section 2 of Article V of the North Carolina Constitution by capping the income tax rate at 7% (currently, capped at 10%).

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