Bill Summary for S 386 (2021-2022)

Summary date: 

Mar 29 2021

Bill Information:

View NCGA Bill Details2021
Senate Bill 386 (Public) Filed Monday, March 29, 2021
Intro. by deViere, Garrett, Murdock.

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Bill summary

Includes whereas clauses.

Appropriates $30 million for 2021-22 from the General Fund to the NC Housing Trust Fund to be used in accordance with the purposes in GS Chapter 122E (the North Carolina Housing Trust and Oil Overcharge Act). Amends GS 161-11.5, which sets out the three required uses of the $6.20 collected from each fee paid to the register of deeds for the registering and filing of instruments in general that are not otherwise provided for under GS 161-10 and for registering or filing any deed of trust or mortgage, as follows: (1) decreases the amount that is to be credited to the General Fund as nontax revenue from 20% to 18.5% and (2) adds a new distribution to the NC Housing Trust Fund of 1.5%.

Amends GS 105-228.30 to require that 33% of the proceeds from a county's excise tax on instruments conveying real property that are to be remitted to the Department of Revenue (an amount equal to one half of the proceeds, less refunded taxes and administrative expenses) be credited to the NC Housing Trust Fund, with the remainder credited to the General Fund (was, all credited to the General Fund).

Effective July 1, 2021.

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