AN ACT TO CLARIFY THE PROCESS WITH WHICH A LOCAL GOVERNMENTAL UNIT MAY IMPOSE AND COLLECT SYSTEM DEVELOPMENT FEES AND TO PROVIDE THAT A WATER OR WASTEWATER PUBLIC UTILITY IS SOLELY RESPONSIBLE FOR INCOME TAXES DUE ON TAXABLE CONTRIBUTIONS IN AID OF CONSTRUCTION.
Senate committee substitute adds the following to the 2nd edition.
Enacts GS 62-133.12B, making a water or wastewater public utility solely responsible for funding the income taxes on taxable contributions in aid of construction and customer advances for construction, with the utilities required to record the income taxes the utilities pay in accumulated deferred income taxes for accounting and ratemaking purposes.
Makes conforming changes to renumber the act's effective date provisions and makes conforming changes to the act's long title.
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