A BILL TO BE ENTITLED AN ACT TO SIMPLIFY THE NORTH CAROLINA TAX STRUCTURE AND TO REDUCE INDIVIDUAL AND BUSINESS TAX RATES.
Senate amendment makes the following changes to the 5th edition.
Makes a technical correction to delete a codification error, recodifying the second occurrence of GS 105-129.101, Exempt business entities, as GS 105-129.102.
Rewrites Section 4.3(b) of this act to amend GS 105-129.27(b) to provide thatthestatute allows a credit, for investing in a major recycling facility, againstthe franchise tax levied in Article 3 of GS Chapter 105 (was,allowed a credit against the franchise taxand the income tax levied in Article 4 of GS Chapter 105). Previously, Section 4.3(b) repealed Article 3C and Article 3K of GS Chapter 105.
Rewrites Section 4.3(c) of this act to amend GS 105-129.96(b) to provide that this section allows a credit, for constructing a railroad intermodal facility, againstthe franchise tax levied in Article 3 of GS Chapter 105 (was,allowed a credit against the franchise tax andthe income tax levied in Article 4 of GS Chapter 105). Moves previous 4.3(c) to new (d) and makes conforming changes to other subsections.
Amends GS 105-275(8)d regarding classes of property designated as special classesunder Article V, Sec. 2(2), of the state Constitution to include the following classes of property as excludedfrom tax: real or personal propertyused or to be used by a major recycling facility as defined in GS 105-164.3 (was, GS 105-129.25).
Makes GS 105-164.3, as amended, and GS 105-275(8)d, as amended, effective January 1, 2018.
Amends GS 57D-1-22(a)(28), as enacted by SL 2013-157 (was, amended GS 57C-1-22(a)(25)), toprovide that there is no fee foran annual report delivered to the Secretary of State for filing.
Amends GS 105-467(a), which sets a sales tax rate under Article 39 of GS Chapter 105 at one percent (1%) for specified categories, to remove the sales price of bread, rolls, and buns sold at a bakery thrift store, and exempt from state tax under GS 105-164.13(27a)from the list of items subject to the first1% local government sales and use tax.
Amends GS 105-164.3(43) to amend the definition for state agency to clarify thatthe term does not include an affiliate of the University of North Carolina Health Care System that is a separately incorporated entity.
Makes a technical correction, replacing Section 7.3.(d) with Section 7.2.(d) and renumbering the remaining sections in Part VII accordingly.
Amends GS 105-467(b) as amended in this actto modify the maximum limits set on the aggregatelocal refund amount allowed to a nonprofit entity under GS 105-164.14(b) as follows:
Makes a technical correction to GS 105-164.13, replacing "service" with "service contract."
Amends new subdivision (6) of GS 105-164.13 to provide thatthe exemption from the sales and use tax in Article 5 of GS Chapter 105 for a service contract on certain tangible personal property applies to a transmission, distribution, or other network cable or asset of an entity providing electric, gas, telecommunications, cable, broadband, or other utility services contained on utility-owned land or other right-of-way or easements authorized for utility and related purposes (was, a transmission,distribution, or othernetwork asset contained on utility-owned land, right-of-way, or easement).
Caps the excise tax on motor fuel at thirty-seven and one-half cents for the period from September 1, 2013, through June 30, 2015 (was, June 30, 2014).
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