Bill Summary for S 629 (2019-2020)

Summary date: 

Apr 8 2019

Bill Information:

View NCGA Bill Details2019-2020 Session
Senate Bill 629 (Public) Filed Wednesday, April 3, 2019
Intro. by deViere, Peterson, Garrett.

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Bill summary

Includes whereas clauses. 

Appropriates from the General Fund to the North Carolina Housing Trust Fund (Trust Fund) $30 million in nonrecurring funds for 2019-20 to be used in accordance with the purposes provided in GS Chapter 122E. 

Amends GS 161-11.5 by requiring that 1.5% of the funds remitted to the county finance officer by the register from the fees for the filing of instruments in general and for filing deeds of trust, mortgages, and cancellation of those documents, to be credited to the North Carolina Housing Trust Fund (makes a 1.5% reduction in the amount that is to be transferred to the General Fund). 

Amends GS 122E-3 by adding the requirement that the Office of State Controller transfer to the Trust Fund an amount equal to 10% of the General Fund unreserved fund balance at the end of each fiscal year. 

Amends GS 105-228.30 to require that 33% of the funds remitted from the excise tax on each instrument by which any interest in real property is conveyed to another person be credited to the Trust Fund, with the remainder credited to the General Fund.

Effective July 1, 2019. 

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