Agenda - 08-19-2010 - 2 - Laserfiche WebLink

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SL2010-0095 7 f~ e}e~ars- /i uav vvuva w 14(c) is amended by adding a new subdivision to read: 4.(b) This section becomes effective July 1, 2008, and applies to purchases made on or after that date. SECTION 5. G.S. lOS-187.3 reads as rewritten: (b} Retail Value. -The retail value of a motor vehicle for which a certificate of title is issued because of a sale of the motor vehicle by a retailer is the sales price of the motor vehicle, including all accessories attached to the vehicle when it is delivered to the purchaser, less the amount of any allowance given by the retailer for a motor vehicle taken in trade as a full or partial payment for the purchased motor vehicle. ~e The retail value of a motor vehicle for which a certificate of title is issued because of a sale of the motor vehicle by a seller who is not a retailer is the market value of the vehicle, less the amount of any allowance given by the seller for a motor vehicle taken in trade as a full or partial payment for the purchased motor vehicle: A transaction in which two parties exchange motor vehicles is considered a sale regardless of whether either party gives additional consideration as part of the transaction. q~re The retail value of a motor vehicle for which a certificate of title is issued because of a reason other than the sale of the motor vehicle is the market value of the vehicle. The market value of a vehicle- is presumed to be the value of the vehicle set in a schedule of values adopted by the Commissioner. {b}} The retail value of a vehicle for which a certificate of title is issued because of a transfer by a State agency that assists the United States Department of Defense with purchasing, transferring, or titling a vehicle to another State agency, a unit of local government, a volunteer fire department, or a volunteer rescue squad is the sales price paid by the State agency, unit of local government, volunteer fire department, or volunteer rescue squad. ' SECTION 6. G.S. lOS-187.6(a) is amended by adding a new subdivision to read: "(a) Full Exemptions. -The tax imposed by this Article does not apply when a certificate of title is issued as the result of a transfer of a motor vehicle: To a revocable trust from an owner who is the sole beneficiary of the trust." SECTION 7. Reserved. SECTION 8.(a) G.S. 105-241.9(c) is amended by adding a new subdivision to read: "(c) Notice. -The Secretary must give a taxpayer written notice of a proposed assessment. The notice of a proposed assessment must contain the following information: (1) The basis for the proposed assessment. The statement of the basis for the proposed assessment does not limit the Department from changing the basis. (2) The amount of tax, interest, and penalties included in the proposed assessment. The amount for each of these must be stated separately. 2a The date a failure to pay penalty, will apply to the proposed assessment if the proposed assessment is not paid by that date and the amount of the penalty. If the proposed assessment is not paid by the specified date the failure to pay penalty is considered to be assessed and applies to the proposed assessment without further notice. (3) The circumstances under which the proposed assessment will become final and collectible." SECTION 8.(b) G.S. l OS-241.11 is amended by adding a new subsection to read: http://www.ncga.state.nc.us/Sessions/2009Bills/SenatelHTML/S 1177v6.htm1 7/28/2010